Faculty of Commerce and Accountancy, Chulalongkorn University has revealed the Global Competitiveness Index (GCI) ranking for Thailand, which has risen to 32nd rank this year.
The Faculty of Commerce and Accountancy of Chulalongkorn University, an official partner and member of the World Economic Forum (WEF) in Thailand has released the Global Competitiveness Index (GCI) report, which compares the global competitiveness index of 137 countries. The top 10 nations this year are Switzerland, the United States, Singapore, the Netherlands, Germany, Hong Kong, Sweden, the United Kingdom, Japan and Finland, respectively, while Thailand is ranked 32nd with a score of 4.7 out of 7.
Assoc. Prof. Dr. Pasu Decharin, Dean of Faculty of Commerce and Accountancy, Chulalongkorn University, one of World Economic Forum’s (WEF) partners, said, “The Faculty is responsible for collecting data for insights from executive teams of both large and small organizations of every industry, using questionnaire forms, based on WEF’s criteria for computing global index values. There are 114 indicators to reflect the country’s overall performance and competitiveness, which are categorized into three main groups and 12 pillars in total”.
This year, Thailand’s rank has risen to 32, with a score of 4.7, an improvement compared to last year’s score of 4.6 and 34th ranking. It is important to note that Thailand’s score and rank this year has climbed up because of specific pillars, such as the Infrastructure, which climbed from a score of 4.4 to 4.7 and ranking of 49 to 43. This achievement is due to the quality improvement of infrastructure for roads, rails, ports, air transport, and especially the number of mobile phone subscriptions, which has leaped from 55th to 5th this year.
Thailand has fared higher in several other areas this year, including in the Labor Market Efficiency, Institutions, Higher Education and Training, Macroeconomic Environment, Innovation (which is a crucial indicator of a country’s development), and Technological Readiness.
Several indices put Thailand’s competitiveness in the top 30 when compared with 137 other nations. One is the country’s Secondary Education Enrollment Rate, which is ranked 8th in the world, another major improvement as the Kingdom was ranked 84th last year. For Government Budget Balance and Gross National Saving, Thailand is ranked 10 and 16, respectively. Furthermore, Foreign and Domestic Market Size are ranked 12 and 24. Finally, the Gross Domestic Product (GDP) is now ranked 20, which is considered high.
Additionally, Thailand has advanced in the financial market on the following pillars: Financing through Local Equity Market, Availability of Financial Services, Soundness of Banks, and Venture Capital Availability, being ranked 20th, 23rd, 27th and 27th, respectively. These improvements suggest the readiness of the nation’s financial and marketing situations in the long-run. For marketing, Thailand is ranked 21st and 25th on the Extent of Marketing and Degree of Customer Orientation, which indicated a progressed level of marketing concepts. Furthermore, when compared with ASEAN+3 countries, Thailand is ranked 6th, after only Singapore, Japan, Malaysia, South Korea and China, all of which remained in the same ranking positions as last year. This clearly reflects Thailand’s stability in competitiveness among ASEAN+3 countries.
The World Economic Forum (WEF) and Global Competitiveness Index (GCI) are two of the most important measurements that the world keeps an eye on. This is because both not only indicate the competitiveness of different countries all over the world, but also point out any important issues helpful for a nation’s sustainable development. For Thailand, the Faculty of Commerce and Accountancy, Chulalongkorn University is a part of the team that develops and distributes the aforementioned information.
The ranking of competitiveness in GCI is calculated from three main groups, each divided into 12 indices, called pillars. The first group is Basic Requirements, which is the key for a country’s economic growth to move forward. It is categorized into four pillars, namely Institutions, Infrastructure, Macroeconomic Environment, and Health and Primary Education. The second group is Efficiency Enhancers, tools that will bring out a country’s efficacy, which is divided into six pillars, consisting of Higher Education and Training, Goods Market Efficiency, Labor Market Efficiency, Financial Market Development, Technological Readiness, and Market Size. The final group is called Innovation and Sophistication, which focuses on accelerating the country’s innovation rate, including Business Sophistication and Innovation.