IMD reported rising cost of living and concern over household debt, capability to capture value from the emergence of generative AI, SMEs’ ability are the challenges of Thailand.
Government Spokesperson Chai Wacharonke said International Institute for Management Development (IMD) reported that a number of challenges prevails for Thailand,
continued rising cost of living and concern over household debt, capability to capture value from the emergence of generative AI,
SMEs’ awareness of and ability to handle international regulations on low carbon footprint, handling of geopolitical risks, and awareness of and capability to cope with cybersecurity threats.
The government also strives to overcome all the obstacles to further enhance national competitiveness that cannot be undermined,
and turn the country’s advantages into economic values in a bid to ensure people’s better livelihood.
Mr Chai said that Prime Minister Srettha Thavisin was pleased with Thailand’s rank in the World Competitiveness Rankings 2024,
reported by International Institute for Management Development (IMD)
The IMD World Competitiveness Ranking evaluates each economy based on four key factors: economic performance, government efficiency, business efficiency, and infrastructure. Thailand’s overall rank is up 5 notches from 30th last year to 25th out of 67 economies ranked under the report.
Thailand’s ranking result by factors are as follows:
- 1. Economic performance: at 5th (up 11 notches from 16th in 2023), contributed by an improvement of its sub-criteria, be it, international trade (up 23 notches), employment, prices, and domestic economy
- 2. Government efficiency: at 24th (55.1 points)
- 3. Business Efficiency: at 20th (62 points)
- 4. Infrastructure: at 43rd (40.2 points)
He said the PM appreciated the ranking which reflects the Government’s successful administration in accordance with the national strategy.
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