BANGKOK, May 29 (Xinhua) -- Thailand has leaped forward to the 25th place in the IMD World Competitiveness ranking, fueled by an increase in foreign direct investments, improved government efficiency and infrastructure.
The Switzerland-based International Institute for Management Development (IMD) Business School released its annual rankings on Wednesday.
Thailand has stepped up five places from the 30th position in 2018, the highest place in the past 10 years.
Thailand performed better in the three criteria of infrastructure, economic performance and government efficiency. Improved business legislation was highlighted in the criterion of government efficiency, even while business efficiency actually dropped, Thosaporn Sirisamphand, secretary-general of the National Economic and Social Development Council, said at a press conference in Bangkok.
Thosaporn said an education reform aiming at preparing skillful workforce for the country is necessary, adding that Thailand is facing a shortage of skilled labor and talent in targeted industries in its flagship project of Eastern Economic Corridor.
The targeted industries are next-generation cars, smart electronics, affluent medical and wellness tourism, agriculture and biotechnology, food, robotics for industry, logistics and aviation, biofuels and biochemicals, digital and medical services.
The IMD World Competitiveness Rankings, established in 1989, incorporate 235 indicators from each of the 63 ranked economies. The ranking takes into account statistics such as unemployment, GDP, and government spending on health and education, as well as "soft" data covering topics including social cohesion, globalization, and corruption.
