Thailand has advanced five spots from last year to reach 25th place in the 2024 World Competitiveness Ranking, released on Tuesday by the Switzerland-based International Institute for Management Development (IMD).

In a survey of 67 major economies, Thailand ranked 25th globally and second in ASEAN, just behind Singapore. Singapore led the rankings, followed by Switzerland, Denmark, Ireland, and Hong Kong. Among other ASEAN members in the survey, Indonesia ranked 27th, Malaysia 34th, and the Philippines 52nd.

The National Economic and Social Development Council (NESDC) reported the ranking to the Cabinet on Tuesday, noting that Thailand's economic performance saw the most significant improvement among the four categories used to evaluate overall competitiveness.

The kingdom's economic performance improved by 11 spots from last year, reaching 5th place due to financial policies that resulted in a positive current account balance, according to Danucha Pichayanan, secretary-general of the NESDC.

Source: The Nation