InfoQuest (May 29, 2019) --The Switzerland-based International Institute for Management Development (IMD) Business School released its annual competitiveness rankings. Among the top five economies, Singapore toppled the United States as the world's most competitive economy, while the United States fell to the third place. Hong Kong (China) remained in the second place, followed by Switzerland and the United Arab Emirates, according to Mr. Tosaporn Sirisamphan, secretary-general of the National Economic and Social Development Board (NESDB).
The ranked five economies in the ASEAN Region all improved their ground. Singapore leapt forward to the first place. Malaysia ranked 22nd place, the same as last year. Thailand stepped up five places from the 30th position in 2018, ranking the 25th place. Indonesia leapt eleven places to 32nd. And the Philippines rose from 50th to 46th.
Thailand secured higher rankings in economic performance, government efficiency and infrastructure, while saw a drop of two places in business efficiency.
"The good news is that Thailand went up by five places in the overall rankings this year and two places in economic performance and government efficiency. With regard to economic performance, the rosy ranking of foreign investment was a result of its growth. The ranking of business law, an indispensable part of government efficiency, rose by four places. This rise was due to the efforts the government made to facilitate service procedures for enterprises and measures to enhance the competitiveness of commercial sector. All these progresses were resulted from the hard work the government has conducted, such as amending the law to make it more modern-oriented and flexible; promoting digital applications to provide faster and more efficient services; addressing infrastructure issues in all aspects; pushing for implementation of relevant measures to achieve more sustained results," said the secretary-general of the NESDB.
The IMD World Competitiveness Rankings selected 63 economies in the world and then ranked them in terms of their competitiveness.
Source: InfoQuest, by Tanit Tongnok / Kasamarporn / Rachada, translated by Xinhua Silk Road
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