TerraBKK Research has found interesting statistics regarding the Global Competitiveness Index (GCI) of over 137 countries worldwide, covering three main groups of factors: Basic Requirements, which include Infrastructure, Macroeconomic Stability, Health, and Basic Education, among others; Efficiency Enhancers, which include Higher Education and Training, Goods Market Efficiency, Labor Market Efficiency, Financial Market Development, Technology, and Market Size; and Innovation and Sophistication Factors, which include Business Sophistication and Innovation.

  TOP 10 Highest Global Competitiveness  

            The top 10 countries with the highest competitiveness include 7 countries from Europe and North America and 3 countries from East Asia and the Pacific. Additionally, there are 4 countries with the highest scores in specific areas (full score 7): Norway for Macroeconomic Competitiveness (6.6 points), New Zealand for Financial Market Development (5.8 points), Luxembourg for Technology (6.5 points), and China, the country with the largest market size in the world, achieving a perfect score of 7. The top 10 countries with the highest competitiveness are as follows:

  • 1st Switzerland with the highest global competitiveness score of 5.9 (full score 7), excelling in Labor Market Efficiency (5.9), Business Sophistication (5.9), and Innovation (5.8).
  • 2nd United States with 5.9 points.
  • 3rd Singapore, the most competitive country in Asia, with 5.7 points, excelling in Higher Education and Training (6.3) and Goods Market Efficiency (5.8).
  • 4th Netherlands with 5.7 points.
  • 5th Germany with 5.7 points.
  • 6th Hong Kong with 5.5 points, excelling in Infrastructure (6.7).
  • 7th Sweden with 5.5 points.
  • 8th United Kingdom with 5.5 points.
  • 9th Japan with 5.5 points.
  • 10th Finland with 5.5 points, excelling in Institutional Competitiveness (6.2) and Health and Basic Education (6.9).

  Thailand Ranks 32nd in the World, 3rd in AEC  

            Thailand ranks 3rd (4.7 points) in the ASEAN Economic Community (AEC), following Singapore (5.7 points), which ranks 3rd in the world, and Malaysia (5.2 points), which ranks 23rd in the world. Over the years from 2012 to 2018, Thailand's score has been around 4.5-4.7 points, with rankings fluctuating between 31st and 38th, peaking at 31st (2014-2015). In the latest rankings for 2017-2018, Thailand stood out in Macroeconomic Factors and Market Size, exceeding the average scores of East Asia and the Pacific. The details are as follows:

• Basic Requirements: Ranked 41st with 5.1 points (Rank 1: Switzerland 6.4 points)

  • Institutions: Ranked 78th (3.8 points)
  • Infrastructure: Ranked 43rd (4.7 points), notably in mobile internet connectivity per 100 people, where Thailand ranks 5th in the world.
  • Macroeconomic Stability: Ranked 9th (6.2 points), excelling in government budget balance, ranking 10th in the world.
  • Health and Basic Education: Ranked 90th (5.5 points)

• Efficiency Enhancers: Ranked 35th with 4.6 points (Rank 1: United States 6 points)

  • Higher Education and Training: Ranked 57th (4.6 points), excelling in lower secondary school enrollment rates, where Thailand ranks 8th in the world.
  • Goods Market Efficiency: Ranked 33rd (4.7 points)
  • Labor Market Efficiency: Ranked 65th (4.3 points)
  • Financial Market Development: Ranked 40th (4.4 points)
  • Technology: Ranked 61st (4.5 points)
  • Market Size: Ranked 18th (5.2 points)

• Innovation & Sophistication Factors: Ranked 47th with 3.9 points (Rank 1: Switzerland 5.9 points)

  • Business Sophistication: Ranked 42nd (4.4 points)
  • Innovation: Ranked 50th (3.5 points)

              Lastly, it was found that the major issues in doing business in Thailand still revolve around concerns about government stability, clarity of national policies, innovation capability, corruption, and insufficiently educated labor. ---TerraBKK

Source: International Monetary Fund, World Economic Outlook Database (April 2017)


Article by: TerraBKK Investment Tips
TerraBKK: Find Good, Value-for-Money, Affordable Homes