WEF:Thailand's business facilitation ranking is up

BANGKOK, September 27 (TNA) - The World Economic Forum (WEF) has raised Thailand's business facilitation ranking for 2017-2018 from the 34th to the 32nd place among a total of 130 member countries worldwide of the US-based World Bank. Thai Deputy Prime Minister Somkid Jatusripitak, who oversees economic affairs, announced the Thai Kingdom's improved status while delivering a keynote speech at the inauguration of the ACMA Business Forum 2017, themed "Reinventing Business, Reshaping Thailand", organized by the Capital Market Academy (CMA) in Bangkok on Wednesday. Somkid said factors that have enhanced Thailand's business facilitation ranking by the Switzerland-based WEF include the country's increased gross domestic product (GDP) value to the world's 9th place, from the 13th ranking previously, and improved infrastructure development level by four notches. The deputy premier suggested, however, that Thailand speed up the development of the digital economy through, among others, the government-backed Eastern Economic Corridor (EEC), as other countries' rankings for 2017-2018, like Malaysia, have also been up by WEF even though confidence in the Thai economy among global stages has risen consequently. The deputy premier told the forum that the Thai government needs to also enhance the purchasing power of local communities through the further development and promotion of local community tourism and the variety of community-based products in order to boost confidence in the Thai economy and domestic consumption from the grassroots. The deputy prime minister, meanwhile, projected that Thailand's GDP growth in the third quarter of this year should exceed 3.7 per cent year-on-year, outpacing the earlier forecast figure of the Manila-based Asian Development Bank (ADB) at 3.5 per cent year-on-year, noting that the Bank of Thailand (BOT) and the National Economic and Social Development Board (NESDB) will be asked to make a review on factors that are more propelling the national economic growth, namely expanding Thai exports, public investment and the Thai stock market. (TNA) .