Thailand’s s competitiveness drops to 40th place
Thailand’s ranking on the 2019 Global Competitiveness Index (GCI) has dropped two places to 40th, although it scored 68.1 points, up from last year’s 67.5, said Professor Wilert Phuriwatchara, dean of the Faculty of Commerce and Accountancy at Chulalongkorn University, citing the World Economic Forum report.
He said, however, that Thailand could improve its competitiveness if the government manages to reduce corruption, improve the skills of Thai labour, improve infrastructure and reduce the competitiveness gap in the domestic market.
Vietnam, by comparison, has improved its competitiveness significantly, leaping 10 places from last year to 67th on GCI this year, while increasing its score by 3.5 points.
Professor Wilert said that, although Vietnam does not pose an immediate threat to Thailand, it will do if the country manages to sustain its substantial growth rate for another three years.
He attributed Vietnam’s ranking to its technological development and openness to foreign direct investment, supported by its low cost, high quality labour force.
Meanwhile, Singapore has knocked the United States from the number 1 spot, pushing it into second place on the GCI. Other top ten countries are Hong Kong, The Netherlands, Switzerland, Japan, Germany, Sweden, United Kingdom and Denmark.