Thailand fell five places in this year’s World Competitiveness Ranking, now ranking 33rd of 63 economies as the kingdom continues to battle back from the coronavirus pandemic.
The 2022 list was compiled by the World Competitiveness Center under the International Institute for Management Development.
Theeranan Srihong, president of the Thailand Management Association’s Center for Competitiveness, explained that Thailand performed worse across 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 said 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, Theeranan said.
On July 7, the TMA will play host the Thailand Competitiveness Conference 2022, which carries the theme “Thailand: Fit for the Future”. The association will present views on how Thai businesses should change and adapt to remain globally competitive.