Thailand’s Business Ease Ranking Plummets in Asia-Pacific: Survey

[webfact]

 

Thailand now ranks among the least business-friendly nations in the Asia-Pacific region, according to a recent survey by the Asia Securities Industry and Financial Markets Association (ASIFMA). Once in the middle tier, the country has seen its position drop from 9th place in 2022 to 12th, now just above Vietnam.

 

ASIFMA’s survey assesses economies based on three key parameters: market development, operating environment, and regulatory framework. Among the 13 economies evaluated in 2023, Singapore maintained its top position with an average score of 7.67. Hong Kong followed closely with 7.38, while Australia (7.16) and Taiwan (6.61) secured the third and fourth spots, respectively.

 

Japan, which was previously in the top three, fell to fifth place with a score of 6.6. On the other end of the spectrum, Thailand’s score dwindled to 5.38, reflecting a continuous decline from its 5th place in 2021. The survey highlights that in terms of ease of doing business, Thailand now only ranks higher than Vietnam among the listed nations.

In the realm of market development, Thailand showed some strength in payment infrastructure, an improvement from the previous year’s focus on a growing customer base and wealth accrual. However, its competitive landscape and cost efficiency in the operating environment, previously lauded for “cultural and societal factors,” seem to have faltered. Regulatory flexibility, particularly the low restrictions on product and service offerings, remained a notable strong point.

 

The survey, conducted between September and December 2023, found worrying trends for future business expansion in the Asia-Pacific region. Only 40% of respondents indicated plans to expand their operations in Asia-Pacific, marking a 24% decrease from the previous year. The few businesses showing interest largely include securities, asset management, and bond firms.

 

Overall, Thailand's decline poses a troubling sign for its economic landscape and indicates potential challenges for businesses looking to enter or expand in the region.

 

File photo courtesy: bigcitydata via wikimedia

 

-- 2024-09-28

 

[sungod]

New report from another entity next week will claim its moved up 25 places.

[reptile91602]

Thumbs up!

[Sig]

OMG How shocking!

[Paiman]

As expected, with these lunatics Flip Flops in charge.

No producing sector will take kindly with changing framework retroactively being a possibility.

Thinking of these clowns, I always have the picture of " One flew over the Cuckoo,s nest, sitting in the bus.

[khunpin]

And luckily it will get worse. ↘️↘️↘️↘️⤵️

[Andycoops]

What else do you expect with the political chaos, ever changing laws and rules on how to do anything.

 

The left foot never knows what the right foot is doing because they are only focused on their own bubble, oblivious to all that is happening around them.

[Cabradelmar]

Implement a worldwide tax scheme on tax residents and watch that ranking plummet even more.

[essex boys]

That comes as no surprise, Thailand thinks the world revolves around them 

[zepplin]

7 hours ago, webfact said:

 

Thailand now ranks among the least business-friendly nations in the Asia-Pacific region, according to a recent survey by the Asia Securities Industry and Financial Markets Association (ASIFMA). Once in the middle tier, the country has seen its position drop from 9th place in 2022 to 12th, now just above Vietnam.

 

ASIFMA’s survey assesses economies based on three key parameters: market development, operating environment, and regulatory framework. Among the 13 economies evaluated in 2023, Singapore maintained its top position with an average score of 7.67. Hong Kong followed closely with 7.38, while Australia (7.16) and Taiwan (6.61) secured the third and fourth spots, respectively.

 

Japan, which was previously in the top three, fell to fifth place with a score of 6.6. On the other end of the spectrum, Thailand’s score dwindled to 5.38, reflecting a continuous decline from its 5th place in 2021. The survey highlights that in terms of ease of doing business, Thailand now only ranks higher than Vietnam among the listed nations.

 

In the realm of market development, Thailand showed some strength in payment infrastructure, an improvement from the previous year’s focus on a growing customer base and wealth accrual. However, its competitive landscape and cost efficiency in the operating environment, previously lauded for “cultural and societal factors,” seem to have faltered. Regulatory flexibility, particularly the low restrictions on product and service offerings, remained a notable strong point.

 

The survey, conducted between September and December 2023, found worrying trends for future business expansion in the Asia-Pacific region. Only 40% of respondents indicated plans to expand their operations in Asia-Pacific, marking a 24% decrease from the previous year. The few businesses showing interest largely include securities, asset management, and bond firms.

 

Overall, Thailand's decline poses a troubling sign for its economic landscape and indicates potential challenges for businesses looking to enter or expand in the region.

 

File photo courtesy: bigcitydata via wikimedia

 

-- 2024-09-28

 

The muppets in charge, are driving business away and home buyers in droves with the new taxes and the army 8 commander running amok on samui and phuket, saying LTD nominee companies and tassebaan permits are illegal and scaring any potential investors, well done ! Go to the top of the idiot class! NFI !

[Mark17AA]

I pulled my business out of Thailand 2 years back. It became an absolute nightmare, especially customs imports and exports, never were the conditions the same for each transaction even through identical.  This even dwindled down to FedEx and DHL as clearance brokers being totally baffled by the left and right hands not connecting to the single brain cell.. Needless to say we were offered the brown envelope solution to help things along. That was it, shut it down moved it back to Europe, 50 people lost their jobs sorry to say.

[Jerry777]

Thailand has a very unrealistic perception of themselves on the world stage. If all the foreign companies left it would be back to buffalo tractors, 25 baht cheap beers and 500 baht dates.

[mfd101]

I wonder how this will affect the value of the baht ...

[RichardColeman]

Well, this will make the baht plummet like a stone.............no, wait, the stone is made of helium

[IamNoone88]

You cannot even own your own business. Its more than archaic.

[Bday Prang]

15 minutes ago, mfd101 said:

I wonder how this will affect the value of the baht ...

I wonder if this will affect the value of anything , ever  ?    I don't think so

[Bday Prang]

8 hours ago, webfact said:

indicates potential challenges for businesses looking to enter or expand in the region.

Are there not always potential challenges for any businesses   I thought that is what business is all about

[Aussie999]

Thailand... hub of Failed Policies

[retarius]

Things are looking up, poverty will be eradicated in 2 years......and don't tell me the economy is not going to boom then despite excessive bureaucracy and corruption in the land of smiles. 

[Purdey]

Thailand shoots self in the foot regularly. The poor PM left clueless.

[Shocked farang]

1 hour ago, Mark17AA said:

I pulled my business out of Thailand 2 years back. It became an absolute nightmare, especially customs imports and exports, never were the conditions the same for each transaction even through identical.  This even dwindled down to FedEx and DHL as clearance brokers being totally baffled by the left and right hands not connecting to the single brain cell.. Needless to say we were offered the brown envelope solution to help things along. That was it, shut it down moved it back to Europe, 50 people lost their jobs sorry to say.

What was the business exactly, may I ask? 

[Shocked farang]

1 hour ago, Jerry777 said:

Thailand has a very unrealistic perception of themselves on the world stage. If all the foreign companies left it would be back to buffalo tractors, 25 baht cheap beers and 500 baht dates.

500 Baht dates? A real date is priceless! 

[harryviking]

1 hour ago, Jerry777 said:

Thailand has a very unrealistic perception of themselves on the world stage. If all the foreign companies left it would be back to buffalo tractors, 25 baht cheap beers and 500 baht dates.

LOL! I remember those days! 😂

[spidermike007]

You put a young woman in charge who has absolutely no experience in politics, and she appoints every single minister based on cronyism without any thought to the whole concept of merit and skill, and what do you end up with? 

 

The super wealthy and the elite deserve this fate richly. 

[hotchilli]

9 hours ago, webfact said:

Thailand now ranks among the least business-friendly nations in the Asia-Pacific region, according to a recent survey by the Asia Securities Industry and Financial Markets Association (ASIFMA). Once in the middle tier, the country has seen its position drop from 9th place in 2022 to 12th, now just above Vietnam.

No surprises there, and it will drop more soon.

[john donson]

I don't do business here anyway, too poor, lol

[Jerry777]

11 minutes ago, spidermike007 said:

You put a young woman in charge who has absolutely no experience in politics, and she appoints every single minister based on cronyism without any thought to the whole concept of merit and skill, and what do you end up with? 

 

The super wealthy and the elite deserve this fate richly. 

Have to wonder if her family money is tied to the Baht rise? Did her daddy have billions locked up here that he wants to get out? Chime in please.

[outsidetrader]

Cant argue with that ,til they get a real government in place ,they shot themselves in the foot yet again and again as always 

[RedRoadRunner]

With this antiquated government it's no wonder ! Dinosaurs were never good at business.....🤣🤣🤣

Edited September 28 by RedRoadRunner

[AhFarangJa]

2 hours ago, Jerry777 said:

Thailand has a very unrealistic perception of themselves on the world stage. If all the foreign companies left it would be back to buffalo tractors, 25 baht cheap beers and 500 baht dates.

Sounds good to me, back to the old days....