The Office of the National Economic and Social Development Council quoted a report from the International Institute for Management Development (IMD) that Thailand’s world competitiveness ranking has moved up five places, from 30th in 2023 to 25th in 2024.

The IMD ranking is based on an evaluation of four principal factors: economic performance, government efficiency, business efficiency, and infrastructure. Results of the country’s ranking in 2024 in the four principal factors are as follows:

1) Economic Performance: Thailand ranks 5th, moving up 11 positions, from 16th in 2023;

2) Government Efficiency: The country’s overall ranking is 20th, moving up four positions, from 24th in 2023;

3) Business Efficiency: Thailand ranks 24th, while in 2023, it ranked 23rd and

4) Infrastructure: Thailand ranks 43rd, and it also ranked 43rd in 2023.

In 2024, the IMD assessed the competitiveness ranking of 67 economies worldwide. Among the top five positions in the 2024 World Competitiveness Ranking are Singapore, followed by Switzerland, Denmark, Ireland, and Hong Kong. In ASEAN, Thailand ranks second, after Singapore; Indonesia ranks third, Malaysia fourth, and the Philippines fifth.

Prime Minister Srettha Thavisin was pleased with the improvement in Thailand’s world competitiveness ranking this year. He said that the Government has worked continuously according to its strategies to cope with all obstacles and enhance Thailand’s competitiveness. It has also been striving to create more economic value in order to improve the people’s living conditions.

However, there are still many challenges that Thailand has to overcome, such as the rising cost of living, concerns about household debts, risk management on geopolitics, and cyber security.