(Photo courtesy BoI)Thailand's world competitiveness ranking slipped three spots this year, mainly due to government inefficiency and budget deficits. According to the latest edition from the World Competitiveness Center, a research group at IMD business school in Switzerland, Thailand's ranking fell to 30th from 27th in 2017. The US rose three spots from last year, while Hong Kong dropped one spot and Singapore remained third. Kobsak Pootrakool, minister to the Prime Minister's Office, said Thailand has been running budget deficits as it seeks to accelerate investment in multiple infrastructure projects. The government has run budget deficits since fiscal 1999, with the exception of 2005 and 2006.

Source: Bangkok Post May 24, 2018 22:07 UTC