Thailand’s Competitiveness Ranking Drops Five Places to 33

BANGKOK (NNT) – According to the World Competitiveness Ranking 2022, Thailand fell from 28 last year to 33 out of a total of 63 economies this year, as the Kingdom battles the impact of the Covid-19 pandemic.

The World Competitiveness Ranking 2022 was compiled by the World Competitiveness Center under the International Institute for Management Development (IMD).

Theeranan Srihong, president of the Thailand Management Association’s (TMA) Centre for Competitiveness, explained that Thailand performed less in all indicators. The Kingdom scored 68.67 this year, a significant drop from last year’s 72.52. Thailand’s score is well below this year’s average of 70.03.

He stated that the drop demonstrated a lack of faith in government policies to remodel the economic structure, as well as a lack of confidence in the government’s ability to help the public and economic sectors in order for them to become stronger.

For Thailand to stay competitive, both the public and private sectors will need to improve their “agility” and resilience in responding to the volatile global economic climate, according to Theeranan.

On July 7th, the TMA will play host to Thailand Competitiveness Conference 2022 titled “Thailand: Fit for the Future” to present views on how Thai businesses should change and adapt to remain globally competitive, he noted.