Connect with us
CGIF-10th-Year-Anniversary

Economics

Thailand Slumps to 29th Spot in World Competitiveness Rankings

Thailand fell four places from 25th spot in 2019 to 29th in IMD’s world competitiveness rankings for 2020, dragged down by poor rankings for economic performance and government efficiency.

Olivier Languepin

Published

on

Thailand fell four places from the 25th spot in 2019 to 29th in IMD’s world competitiveness rankings for 2020, dragged down by poor rankings for economic performance and government efficiency.

As far as Asean peers are concerned, Singapore kept pole position while Indonesia saw the largest drop (8), from 32nd to 40th.

Malaysia fell five positions to 27th, and the Philippines was the only Asean country that saw improvement, up one position to 45th.

While Hong Kong SAR came in at 5th, this is a far cry from 2nd which it enjoyed last year. A decline that IMD attributes to its economic performance, social turmoil in Hong Kong and the rub-on effect of the Chinese economy. However, the 2020 rankings do not pick up on events in the last couple of months.

Thailand’s challenges in 2020

Urgent measures to support citizens and small businesses affected by the Covid-19 crisis.

Measures to recover key sectors affected by the new norm of social distancing and travel restrictions e.g. tourism and services

Hasten digital transformation, especially in education and healthcare.

Establish a national crisis management system with lessons learned from the current crisis, optimizing technology infrastructure.

Source: Thailand country profile

The top three’s different recipes for success

Factors behind Singapore’s success are its strong economic performance which stems from robust international trade and investment, employment and labor market measures.

Stable performances in both its education system and technological infrastructure – telecommunications, internet bandwidth speed and high-tech exports – also play key roles.

Denmark, in 2nd, can credit a robust economy, labor market, and health and education systems. In addition, the country performs very well in international investment and productivity, and topped Europe in business efficiency.

Switzerland has been gradually edging towards a podium position, from 5th to 4th and now 3rd in 2020. Robust international trade fuels its strong economic performance, whilst its scientific infrastructure and health and education systems show steadfast displays.

Comments

Economics

Thailand’s slow economic recovery

The speed of economic recovery in Thailand has been slower than neighbouring countries such as Malaysia, Vietnam and China, especially in terms of industrial and service output.

East Asia Forum

Published

on

Thailand’s economic performance in the third quarter of 2020 showed promising signs of recovery amid the ongoing COVID-19 pandemic.

(more…)
Continue Reading

Economics

Thai Exports to grow 4% in 2021

Contributing factors include the recovering world economy and the International Monetary Fund’s (IMF) estimate that the world economy will expand 5.2 percent in 2021 from a contraction of 4.4% this year.

National News Bureau of Thailand

Published

on

iStock-1144933955.jpg

BANGKOK (NNT) – The Department of International Trade Promotion (DITP) forecasts that exports in 2021 will gradually return to expansion mode, based on signs of economic recuperation globally and the distribution of a vaccine to protect people against COVID-19.

(more…)
Continue Reading

Economics

96% of Foreign Investors still confident in Thailand says BOI

The Board of Investment of Thailand’s (BOI) latest survey, shows most foreign investors, estimated at 96%, are still confident in the country, and are willing to bring forward their investments.

National News Bureau of Thailand

Published

on

BANGKOK (NNT) – With the COVID-10 pandemic causing significant disruption around the world including in Thailand, the Board of Investment of Thailand’s (BOI) latest survey, shows most foreign investors, estimated at 96%, are still confident in the country, and are willing to bring forward their investments.

(more…)
Continue Reading
Advertisement

Latest

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 13,520 other subscribers

Trending