Thailand drops further in competitiveness ranking along most ASEAN nations

Office workers in Thailand

Most Southeast Asian saw a drop in their competitiveness in the latest world competitiveness rankings for 2020 for 63 countries by Swiss business school Institute for Management Development (IMD).

Within the region, Singapore retained the pole position while Indonesia saw the largest drop, from 32nd to 40th and Malaysia fell five positions to 27th. Thailand fell four places to 29th dragged down by a decline in rankings for economic performance and government efficiency. The Philippines was the only country in the region that saw improvement, up one position to 45th.

Thailand’s economic performance dropped six positions to 14th, while government efficiency fell three positions to 23rd. However, the country’s business efficiency and infrastructure rankings improved from 27th to 23rd and 45th to 44th, respectively.

“Thailand’s place in the list has been affected by a sluggish economy, no longer being attractive to foreign investors and concerns about labour shortage in the long run,” said Teeranun Srihong, chairman of the Thailand Management Association.

“Another key factor is poor government efficiency, taking into account a weakening rule of law, poorly run key national institutions and a deterioration of financial stability,” he added.

Jose Caballero, a senior economist at the IMD World Competitiveness Center, added that there also was an increasingly negative perception of the impact of governmental protectionism on business, as well as the effectiveness of legislation in warding off unfair competition. Another negative prospect is a drop in public spending on education, he noted.

Thailand must undertake steps to make its economy more resilient, promote of entrepreneurship and innovation, support small and medium enterprises and prioritise the quality of education to ensure the long-term effectiveness of talents, he said.

Overall, most countries in Asia declined in their competitiveness, which according to IMD was partly due to the US-China trade frictions. China fell six positions to 20th in the rankings.

The top five economies overall were Singapore, Denmark, Switzerland, the Netherlands and Hong Kong.

The survey analysed global economies and their ability to generate prosperity. All 63 countries were gauged in the ranking undertaken by IMD Business School in Switzerland and Singapore.



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Office workers in Thailand Most Southeast Asian saw a drop in their competitiveness in the latest world competitiveness rankings for 2020 for 63 countries by Swiss business school Institute for Management Development (IMD). Within the region, Singapore retained the pole position while Indonesia saw the largest drop, from 32nd to 40th and Malaysia fell five positions to 27th. Thailand fell four places to 29th dragged down by a decline in rankings for economic performance and government efficiency. The Philippines was the only country in the region that saw improvement, up one position to 45th. Thailand's economic performance dropped six positions...

Office workers in Thailand

Most Southeast Asian saw a drop in their competitiveness in the latest world competitiveness rankings for 2020 for 63 countries by Swiss business school Institute for Management Development (IMD).

Within the region, Singapore retained the pole position while Indonesia saw the largest drop, from 32nd to 40th and Malaysia fell five positions to 27th. Thailand fell four places to 29th dragged down by a decline in rankings for economic performance and government efficiency. The Philippines was the only country in the region that saw improvement, up one position to 45th.

Thailand’s economic performance dropped six positions to 14th, while government efficiency fell three positions to 23rd. However, the country’s business efficiency and infrastructure rankings improved from 27th to 23rd and 45th to 44th, respectively.

“Thailand’s place in the list has been affected by a sluggish economy, no longer being attractive to foreign investors and concerns about labour shortage in the long run,” said Teeranun Srihong, chairman of the Thailand Management Association.

“Another key factor is poor government efficiency, taking into account a weakening rule of law, poorly run key national institutions and a deterioration of financial stability,” he added.

Jose Caballero, a senior economist at the IMD World Competitiveness Center, added that there also was an increasingly negative perception of the impact of governmental protectionism on business, as well as the effectiveness of legislation in warding off unfair competition. Another negative prospect is a drop in public spending on education, he noted.

Thailand must undertake steps to make its economy more resilient, promote of entrepreneurship and innovation, support small and medium enterprises and prioritise the quality of education to ensure the long-term effectiveness of talents, he said.

Overall, most countries in Asia declined in their competitiveness, which according to IMD was partly due to the US-China trade frictions. China fell six positions to 20th in the rankings.

The top five economies overall were Singapore, Denmark, Switzerland, the Netherlands and Hong Kong.

The survey analysed global economies and their ability to generate prosperity. All 63 countries were gauged in the ranking undertaken by IMD Business School in Switzerland and Singapore.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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