Thailand’s ease of doing business drops again: Survey
The country now ranks second from last in the Asia-Pacific region, dropping from fifth in 2021 to 12th, just above Vietnam, in 2024
Thailand fell three places from 2022 to 12th among Asia-Pacific nations in terms of ease of doing business, according to a survey by the Asia Securities Industry and Financial Markets Association (ASIFMA).
Among the 13 economies ranked in 2023, Singapore was in first place with an average score of 7.67, retaining its top position from the previous year. In second place was Hong Kong (7.38), followed by Australia (7.16) and Taiwan (6.61).
Japan fell to fifth position with a score of 6.6, losing its top three status from 2022.
Thailand, in 12th position, above only Vietnam, received a score of 5.38, falling from 9th place in the previous year.
ASIFMA’s survey evaluates each economy’s ease of doing business in three aspects: market development, operating environment, and regulatory.
In 2023, Thailand’s strength in market development lay in payment infrastructure, changing from the result in 2022 which saw a growing customer base and wealth.
In the operating environment, Thailand’s strengths include a competitive landscape and cost of doing business, changing from the previous year’s “cultural and societal factors”.
The country’s strengths in the regulatory aspect include low restrictions on product and service offerings, the same as the previous year.
The annual survey which started in 2021 found Thailand’s ranking continually falling, from 5th place in 2021 to 9th place in 2022, and 12th place last year.
ASIFMA said the survey which was conducted from September to December 2023 found that only 40% of the undisclosed number of respondents intended to expand their businesses in Asia Pacific, falling by 24% compared to the previous year.
Businesses seeking expansion in this region are securities, asset management and bonds.
