Thailand ranks 28th among 61 economies. In 2015, the country dropped one place to 30th.

All five sub-indicators in |the government-efficiency pillar – public finance, fiscal policy, institutional framework, business legislation and societal framework – showed progress.

Among three other pillars, economic performance remained unchanged at 13th, business |efficiency slipped one place to 25th and infrastructure fell three ranks to 49th.

In the infrastructure pillar, while Thailand sits high at sixth in mobile broadband subscribers, energy intensity is 58th, showing low energy efficiency.

In the business-efficiency |pillar, while the labour force and factors for the financial and banking sector are ranked in the top 15, labour productivity is as low as 55th and the competitiveness of small and medium-sized enterprises is 50th.

Hong Kong takes over top place from the United States, which was the champion for the past three years.

While the US backtracks |to second, Switzerland comes |in third. Singapore, Sweden, Denmark, Ireland, the Netherlands, Norway and Canada round out the top |10.

Five countries from Southeast Asia are listed, of which three saw slippage – five places for Malaysia to 19th, one for the Philippines to 42nd and six for Indonesia to 48th.

Professor Arturo Bris, director of the centre, said yesterday that one crucial fact that the |centre’s research underlined year after year was that current economic growth is by no means a guarantee of future competitiveness.

The common pattern among all of the countries in the top 20 is their focus on business-friendly regulation, physical and intangible infrastructure and inclusive institutions.

In Thailand’s case, it is urged to focus on issues ranging from investment and education to political reform to boost its competitiveness ranking in a few years.

Thailand should especially accelerate mega-project investment and launch inclusive political and social reform for social and economic stability.

On the education front, Thailand needs to reform the system to align with development needs.

The country’s education ranking is low.

All scores for human development, computers per capita, student/teacher ratio, broadband subscribers, secondary-school enrolment and high-education achievement are below 50th place.

It is also recommended to develop transport and logistics systems to capitalise on its competitive advantage and optimise Asean supply-chain linkages to strengthen competitiveness.