Thailand’s position in the ease of doing business rankings has declined once again, now sitting second from the bottom in the Asia-Pacific region. A survey conducted by the Asia Securities Industry and Financial Markets Association (ASIFMA) revealed that Thailand dropped from fifth place in 2021 to twelfth in 2024, surpassing only Vietnam.
According to the 2023 survey, Thailand fell three places from its 2022 ranking, earning a score of 5.38, down from ninth the previous year. The rankings are led by Singapore, which maintained its top spot with an average score of 7.67, followed by Hong Kong (7.38), Australia (7.16), and Taiwan (6.61). Japan also saw a decline, dropping to fifth place with a score of 6.6, losing its position in the top three.
ASIFMA’s evaluation of the ease of doing business assesses three key areas: market development, operating environment, and regulatory conditions. In terms of market development, Thailand’s strengths now lie in its payment infrastructure, a shift from previous years when the focus was on a growing customer base and wealth. The operating environment shows advantages in competitive landscape and cost of doing business, diverging from last year’s emphasis on cultural and societal factors. Regulatory strengths include low restrictions on product and service offerings, consistent with the prior year’s findings.
This annual survey, which began in 2021, indicates a troubling trend for Thailand’s business environment, with rankings falling from fifth in 2021 to ninth in 2022, and now to twelfth. The survey, conducted from September to December 2023, also found that only 40% of participants indicated plans to expand their businesses in the Asia-Pacific region, a significant drop of 24% compared to the previous year. Industries showing interest in expansion include securities, asset management, and bonds.
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