Thailand edges up in global ranking of most competitive economy

By Thai PBS

 

 

Thailand has jumped 2 places to 32nd rank globally from last year’s 34th most competitive economy on the World Economic Forum’s global competitiveness index.

 

Coming on top of the ranking is Switzerland, 5.86 scores from total 7, second is the United States, 5.85, and third is Singapore 5.71.

 

Thailand scored 4.7, up 0.1 from last year’s 4.6, while Malaysia in ASEAN comes 23rd rank with 5.17 scores. Thailand is one of the 137 countries on the survey list. It achieved strong improvement on Pillar: macroeconomic environment, particularly on infrastructure projects such as rail, port and air transport.

 

Full story: http://englishnews.thaipbs.or.th/thailand-edges-global-ranking-competitive-economy/

 

-- © Copyright Thai PBS 2017-09-29

It looked like a nice positive article until you open the link and read the following:

 

Quote

 

But the WEF report pointed the country’s most problematic factors for doing business are:

– Government instability/coups
– Inefficient government bureaucracy
– Policy instability
– Insufficient capacity to innovate
– Corruption
– Inadequately educated workforce
– Tax regulations
– Inadequate supply of infrastructure
– Access to financing
– Poor work ethic in national labor force
– Tax rates
– Restrictive labor regulations
– Inflation
– Foreign currency regulations
– Crime and theft
– Poor public health

 

(in red some things that most stand out to me as it shows the comments here on ThaiVisaForum about local labor is actually quite correct)

Edited September 30, 20178 yr by Bob12345

'Take a photo from a decent altitude and with limited resolution, and the place begins looking downright utopian, doesn't it?

 

 

16 hours ago, Bob12345 said:

It looked like a nice positive article until you open the link and read the following:

 

(in red some things that most stand out to me as it shows the comments here on ThaiVisaForum about local labor is actually quite correct)

But if you read the actual report, those are the same factors used to evaluate all 138 countries in the report including the top 3 Switzerland, USA, and Singapore.

3 hours ago, JLCrab said:

But if you read the actual report, those are the same factors used to evaluate all 138 countries in the report including the top 3 Switzerland, USA, and Singapore.

Whilst true,that small improvement in ranking is poor when you consider that this is supposed to be a developing economy. The outlook and potential for improvement is very discouraging when you consider the highlighted weak areas include poorly educated workforce,lack of innovation  and work ethic . Those aspects are endemic and  take decades to rectify while  Thailand's competitors will be positioned to surge ahead. 

They were highlighted (in red) on ThaiVisa not in the reported -- and 106 countries are still behind.

6 hours ago, JLCrab said:

But if you read the actual report, those are the same factors used to evaluate all 138 countries in the report including the top 3 Switzerland, USA, and Singapore.

So you are saying that Switzerland, USA and Singapore are also impacted by government instabilities/coups? I must not have read the actual report. Thank you for clarifying. 

No -- but those factors are included in every country's standard evaluation in the report.

I don't know why some people feel the need to degrade Thailand at every opportunity, and then when when their unfair criticism is pointed out , enter in all short of intellectual gymnastics to defend the indefensible.

     These are criteria used for the purpose of this report to rank countries, countries such as Switzerland and the US do not have military coups, which is part of the reason why they rank higher in the report.

  Thailand scores lower because it has some of the problems in the list and ranks lower , but not as much as some other countries hence a higher ranking compared  to those countries.

 Indeed Thailand is developing  country.

Often developing countries in their quest to development , take two steps forward and then one step backwards.As long as the momentum is forward we should all agree that it is a positive development.

  A two step forward movement is IMO a positive development that should be welcomed, and congratulated.

 

 

Some data from the original report (to be found online):

 

 

Subindex A: Basic requirements: Rank 41 (out of 137 contries)

 

1st Pillar: Institutions: Rank 78

 

2nd Pillar: Infrastructure: Rank 43

 

3rd Pillar: Macroeconomic environment: Rank 9

 

4th Pillar: Health and primary education: Rank 90

 

Subindex B: Efficiency enhancers: Rank 35

 

5th Pillar: Higher education and training: Rank 57

 

6th Pillar: Goods market efficiency: Rank 33

 

7th Pillar: Labor market efficiency: Rank 65

 

8th Pillar: Financial market development: Rank 40

 

9th Pillar: Technological readiness: Rank 61

 

10th Pillar: Market size: Rank 18

 

Subindex C: Innovation and sophistication factors: Rank 47

 

11th Pillar: Business sophistication: Rank 42

 

12th Pillar: Innovation: Rank 50

 

 

 

Source: Reports WORLD ECONOMIC FORUM

 

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So, Thailand did well because of Macroeconomic environment (Rank 9 out of 137 countries!), Market size (well done, dads and moms!), Good market efficiency, and Financial Market Development. It still trails behind in Health and primary education (Rank 90!),  (Public) Institutions (another interesting figure: "Irregular payments and bribes: Albania: Rank 69, Kuwait: 70, Serbia: 71, Thailand: 72, Kazakhstan: 73, Panama: 74, Indonesia: 75"), Labor market efficiency, and Technological readiness.

 

Edited October 1, 20178 yr by StayinThailand2much

And for the Health & Primary Education Factor the USA ranked 39.