Vietnam surges ahead of Thailand in 2024 global growth quality report
Thailand’s economy ranks a lowly 51st in the world and 7th in Asia in the latest study of growth quality conducted by Chulalongkorn Business School (CBS) and the World Economic Forum.
The annual Future of Growth Report 2024 found that the kingdom is falling behind in its sustainability development.
The study examined growth quality in 107 countries over the past year.
Topping the list this year was Sweden with a score of 71.15, followed by Switzerland (69.49), Finland (68.74), Denmark (68.57) and the Netherlands (66.07). Thailand scored 48.99.
In Asia, Thailand ranked behind Japan (11th globally), South Korea (12th), Singapore (16th), Malaysia (31st), Vietnam (36th), and Indonesia (50th).
Thailand scored highest in the innovativeness category with 47.94 and lowest for sustainability (40.84).
Wilert Puriwat, dean of the CBS, noted on Monday that Vietnam is now ahead of Thailand in terms of growth quality and thus has a brighter future.
The study determined growth quality according to four factors: Innovativeness, inclusiveness of infrastructure, sustainability, and resilience.
Wilert said Thailand’s innovativeness score of 47.94 was higher than the global average of 45.2 and higher than the average among upper-medium-income countries (39.3).
“Since creators of innovations score higher than users, Thailand can further improve in this field by registering more patents for innovations, as well as adjusting laws to enhance intellectual property protection.”
Wilert said Thailand did poorly on sustainability with a score of 40.84, lower than the global average of 46.8 and also the average among upper-medium income countries of 44.
“This shows the government, businesses and the public must do more to boost Thailand’s growth in sustainability, a trend being adopted by countries worldwide,” he said.
