Thailand has been ranked third among other Asean countries in terms of ease of doing business. The official ranking was researched and done by the World Bank’s flagship publication, the “Doing Business 2017.”
The publication conducted a survey which included 190 countries across the globe. In the ranking of all countries, Thailand comes in at number 46 for the best destination to do business in. The top ten includes notable countries from East Asia and the Pacific Region namely New Zealand who bagged the first place while Singapore got second. 4th place goes to Hong Kong SAR, China while the Republic of Korea got fifth place.
In the Asean Group where Thailand is ranked third, Singapore comes in first place.
“Doing Business 2017” has noted that Thailand has vastly improved in the field of business startups. In nearly all categories, the Southeast Asian country increased in ranking. For the Starting a Business category, it jumped to 78th from 96th. In the category of Getting Credit, Thailand increased 15 spots from 97th to 82nd. Meanwhile, Thailand hiked from 36th to 27th place in terms of Protecting Minority Investors. In the Resolving Insolvency category, the country boost to 23rd place from 49th last year.
Other categories where Thailand didn’t excel as much included Enforcing Contracts, Dealing with Construction Permits, Trading across Borders, Paying Taxes, Getting Electricity, Enforcing Contracts, and Registering Property. This improvement areas can be attributed to the remaining challenges that Thailand needs to face. In the country, a 12-hour compliance with border regulations for exports takes as much as 57 hours. Tax audit-compliance are also steep in Thailand. Despite this remaining challenges, Thailand made significant progress.
“Thailand is steadily making progress to ease the process of doing business. Continuing focus on reforms to promote a better business environment, in addition to implementing public infrastructure investments, developing skilled-workers through quality education, and promoting innovations, can further improve the country’s competitiveness, which will lead to more and better jobs for many Thai people.” according to Ulrich Zachau, World Bank Country Director for Thailand.