Tracking Thailand's competitiveness against eight Asian economies and the OECD average, every quarter.
NXT's readInvestment is pouring in, but the engine is still idling
Global ranks from IMD and WIPO, World Bank open data and the latest quarterly figures from NESDC and BOI in one place, brought together in NXT's read on five pillars. Every figure links to its source.
Rank orbit: the closer to the centre, the better the rank. Tap a dot to read its rank. Rings mark ranks 1, 10, 25 and 50. [1]
IMD rank 2026, of 70
26up 4 places
WIPO innovation rank 2026, of 139
44
GDP growth, Q2 2026, year on year
1.9%
trillion baht of BOI applications, Jan to Sep
1.71
01NXT's read
Where Thailand stands
Investment is pouring in, but the engine is still idling
Losing groundHoldingBreaking out
The average of the five calls: strong +1, watch 0, weak −1 for the level, and improving +1, flat 0, slipping −1 for the direction, averaged
Is the economy growing fast enough to catch up?
Thailand grew the slowest of the six ASEAN economies in Q2 2026, and the IMF expects 2.1% this year and next. IMD's economic performance factor still looks good because of trade and jobs, not growth.
Evidence
GDP grew 1.9% in Q2 2026, the lowest of the six ASEAN economies in NESDC's table
IMF forecasts 2.1% growth for Thailand in 2026, below every ASEAN economy in the set
The current account swung to a US$17.7 billion deficit, the first in eight quarters
Scorecard readingWeak SlippingAverage position 0.15 (0 last, 1 first) · Net direction -0.40
NXT callWeak Slipping
Read all five pillars
Growth and stability: Weak, Slipping
Thailand grew the slowest of the six ASEAN economies in Q2 2026, and the IMF expects 2.1% this year and next. IMD's economic performance factor still looks good because of trade and jobs, not growth.
GDP grew 1.9% in Q2 2026, the lowest of the six ASEAN economies in NESDC's table
IMF forecasts 2.1% growth for Thailand in 2026, below every ASEAN economy in the set
The current account swung to a US$17.7 billion deficit, the first in eight quarters
Scorecard reading: Weak, Slipping (Average position 0.15 (0 last, 1 first); Net direction -0.40)
Trade and investment: Watch, Improving
The pillar moving fastest. Investment applications are surging on AI and data centres, and private investment grew at its fastest pace in 54 quarters, led by machinery and office equipment. But the wave is concentrated: about 70% of the value is tied to AI, and about three quarters of the foreign value comes from Singapore. Against the eight peers Thailand is mid-table: third on exports relative to GDP, but its goods exports grew more slowly than five of them in Q2 2026.
BOI applications for January to September 2026 reached 1.71 trillion baht, up 28%; foreign applications up 62%
Private investment grew 13.4% in Q2 2026, the fastest in 54 quarters
Exports of goods and services equal 71% of GDP, third of the nine economies
IMD: international trade 9th (from 4th), international investment 24th (from 30th)
Scorecard reading: Watch, Flat (Average position 0.54 (0 last, 1 first); Net direction 0.00)
Why NXT departs from the scorecard (Direction): The scorecard reads flat because it can only compare what all nine publish. NXT moves it to improving on Thai pipeline data with no peer equivalent: BOI applications for January to September 2026 up 28% to 1.71 trillion baht, foreign applications up 62%, and private investment up 13.4% in Q2 2026, the fastest in 54 quarters.
Innovation and digital: Weak, Flat
Behind most of the peer group. Thailand's GII rank has sat between 41st and 45th for seven years, and Vietnam is now level with it: WIPO's confidence ranges overlap (41 to 45 against 40 to 45). R&D spending is still under 1% of GDP, about a third of the OECD average, and IMD's technological infrastructure fell from 32nd to 39th.
WIPO GII 2026: Thailand 44th of 139 (confidence range 41 to 45), Vietnam 43rd (40 to 45), Malaysia 34th (34 to 37)
R&D spending 0.94% of GDP (2023); OECD members 2.93%
High-tech goods are 28% of manufactured exports; Malaysia 59%
IMD World Digital Competitiveness 2025: 38th of 69 (from 37th)
Scorecard reading: Weak, Flat (Average position 0.30 (0 last, 1 first); Net direction 0.00)
People and productivity: Weak, Flat
The structural weak spot. Output per worker is about 56% of Malaysia's, while Thailand has the third-oldest population in the set, after far richer Japan and Korea. IMD ranks it 52nd of 70 on education and 56th on health and environment.
Output per worker US$39,617 at 2021 PPP (2025); Malaysia 70,821
People aged 65 and over are 16.0% of the population (2025), third-highest of the nine
Tertiary enrolment 49%; OECD members 79%
IMD: education 52nd, health and environment 56th, but labour market 10th
Scorecard reading: Watch, Flat (Average position 0.40 (0 last, 1 first); Net direction -0.17)
Why NXT departs from the scorecard (Level): The scorecard reads watch because its measures leave out ageing: an older population is not worse in itself, so it has no direction to score. NXT moves the level to weak because Thailand is old before it is rich: the third-oldest population of the nine, after far richer Japan and Korea, with output per worker about 56% of Malaysia's, so the workforce will shrink before incomes catch up.
Institutions and governance: Watch, Improving
Slowly gaining ground. On the World Bank's scores Thailand has passed some peers since 2020 on government effectiveness, rule of law and control of corruption, but it still sits fifth to seventh of the nine. Its own corruption score slipped from 40 to 38 and is below Vietnam's, and IMD's government efficiency has been 32nd for two years. This is the area most within the government's own reach.
WGI 2025: control of corruption 38 of 100; Vietnam 46, Malaysia 59
WGI 2025: government effectiveness 58 of 100, sixth of the nine
IMD: government efficiency 32nd, unchanged; institutional framework 46th (from 49th)
IMD: business legislation 40th, unchanged
Scorecard reading: Watch, Improving (Average position 0.38 (0 last, 1 first); Net direction 0.33)
02Peers
Thailand against eight Asian economies
Pick a pillar and a measure, then press play to watch the field from 2010, or switch to the trend lines. The dashed line is the OECD members' average.
GDP growth
% a year · Higher is better
1Vietnam8.0
2Malaysia5.2
3Indonesia5.1
4Singapore5.0
5China5.0
6Philippines4.4
7Thailand2.4
8OECD members1.8
9Japan1.2
10South Korea1.0
A small year marks the latest figure before the year shown.
Source: [5] World Development Indicators (database, last updated 8 October 2026), read through the World Bank API; each measure links to its own series page · NY.GDP.MKTP.KD.ZG
03Rankings
Rank trails
Each economy's rank in the years each index was published. Vietnam entered IMD's ranking for the first time in 2026.
1.71 trillion baht of applications are still applications. Track which projects invest, link the data centres and AI projects to Thai component makers, engineering firms and skilled workers, as BOI says it will, and make sure power and water keep up.
2
Lift productivity before the population ages further
A Thai worker produces about 56% of what a Malaysian worker does, while Thailand has the third-oldest population of the nine. Skills, automation and upgrading SMEs matter more than chasing ranks.
3
Fix the rules within the state's own reach
Control of corruption, the institutional framework and business legislation are where Thailand trails. Rules and institutions count in every index used here, and they are also what OECD accession reviews look at.
What to watch next quarter
NESDC's Q3 2026 GDPDue in November 2026. Does growth get back above 2%?
IMD World Digital Competitiveness 2026Due in November. Thailand was 38th last year.
BOI's full-year 2026 applicationsDoes the AI wave hold, and does it spread to other industries?
Imports and the current accountImports grew 42.3% in Q2. Does the current account return to surplus?
06Edition log
Every quarter, every edition kept
Each edition records NXT's read and the key figures on the day it was published, so you can see how the judgement changes over time.
Next editionAfter NESDC publishes Q3 2026 GDP in November 2026, adding IMD's 2026 digital ranking
Edition 1 · 4 November 2026 · Data to Q2 2026
Investment is pouring in, but the engine is still idling
Five-pillar read
Growth and stabilityWeak
Trade and investmentWatch
Innovation and digitalWeak
People and productivityWeak
Institutions and governanceWatch
Key figures
IMD rank 2026, of 70
26
WIPO innovation rank 2026, of 139
44
GDP growth, Q2 2026, year on year
1.9%
trillion baht of BOI applications, Jan to Sep
1.71
What changed in this edition
First edition: five pillars tracked against eight Asian economies and the OECD average, with the scorecard rule published
IMD 2026: Thailand up four places to 26th; Vietnam joins at 27th
WIPO GII 2026: Thailand 44th, Vietnam 43rd; WIPO's confidence ranges overlap, so the two are level
We track five pillars that the main global indices share: growth, trade and investment, innovation, people and productivity, and institutions. For each we look at two things: the level, where Thailand sits among the nine economies, and the direction, whether it gained or lost ground since the previous reading.
Every call starts from a scorecard computed from the data on this page by the rule below, so anyone can recompute it from the CSV. NXT may move a result by one step on either axis when there is evidence the scorecard cannot measure, and the reason is shown under that pillar.
IMD ranks come from IMD's own yearbook booklets, which list every economy's overall, factor and sub-factor ranks. World Bank figures come straight from its API, WIPO ranks from each economy's profile, and quarterly figures from NESDC's and BOI's own releases.
The scorecard rule
Position: on each measure, the number of economies Thailand beats, divided by the number with data minus one. 0 is last, 1 is first.
Level: the mean position across the pillar's measures. 2/3 or more is strong, under 1/3 is weak, anything between is watch. Every measure carries the same weight.
Direction: Thailand's position against the previous reading of the same measure (five years earlier for World Bank series, the previous edition for IMD and WIPO, the same quarter a year earlier for NESDC's table), counting only economies with both readings. Measures gained minus measures lost, divided by the number of measures: 1/3 or more is improving, −1/3 or less is slipping.
NXT adjustments: one step on level or direction at most, never two, always with a reason that points to evidence on this page.
StrongMean position of 2/3 or more.
WatchMean position from 1/3 up to 2/3.
WeakMean position under 1/3.
Limits and comparability
Indices cover different periods: IMD's 2026 ranking uses 2025 data and an executive survey from early 2026.
Ranks depend on who is ranked: IMD covered 63, 64, 67, 69 and 70 economies from 2022 to 2026 and added Vietnam in 2026, so a move of one or two places can come from economies joining or leaving.
WIPO publishes a confidence range for every GII rank. Ranks whose ranges overlap, such as Thailand's 44th (41 to 45) and Vietnam's 43rd (40 to 45), are not statistically different.
The World Bank's 2026 governance update reports scores on a 0 to 100 scale, so they cannot be compared directly with older releases on the previous scale; we use the new series throughout.
The World Bank revises past figures with every release, so each edition's CSV keeps the figures as they stood on the day it was published.
Other economies' quarterly growth comes from NESDC's table compiled from CEIC, on each country's own definitions, and may be revised.
The scorecard reads positions, not the size of gaps, and weights every measure equally. Some World Bank series, such as R&D spending and the LPI, are missing for some years or economies; we use figures no more than two years old and show the year of each.
AThe publisher's own document or database, on the publisher's site.
BThe publisher's own file hosted by its official partner institute, or an official body's table of other publishers' figures.
CA professional or research body's analysis of the publisher's data.
DNews, or figures that needed assumptions. This edition uses no C or D sources.
Independence
NXT Consulting Group produces this monitor with its own resources. No client or government body commissioned, reviewed or can change its calls.
NXT advises public and private clients on strategy. The moves under What to do are NXT's recommendations and are kept apart from the data and the calls.
Corrections
Spotted an error? Write to contact@nxtconsultinggroup.com. We correct the current edition and log the date in the version history; published editions stay as they were, with a note.
How to cite
Cite the edition you used, not the live page. Each edition has its own page, PDF and data file that never change.
Trithipcharoenchai, P., & Cheewaprapharat, N. (2026, November 4). Thailand Competitiveness Monitor, edition 1 (data to Q2 2026). NXT Consulting Group. https://www.nxtconsultinggroup.com/en/research/thailand-competitiveness-monitor/edition-1
NXT's compilation, judgements and translations are licensed CC BY 4.0. Each figure remains its source's.
Version history
v1 4 November 2026 · First edition
Questions
What is Thailand's IMD World Competitiveness Ranking in 2026?
26th of 70 economies, up 4 places from 30th in 2025. Factor ranks: economic performance 10, government efficiency 32, business efficiency 21 and infrastructure 45.
How does Thailand compare with Vietnam, Malaysia and other Asian economies?
IMD 2026: Singapore 1, China 12, Malaysia 15, South Korea 21, Thailand 26, Vietnam 27, Japan 30, Philippines 47, Indonesia 48. WIPO Global Innovation Index 2026: South Korea 4, Singapore 5, China 10, Japan 12, Malaysia 34, Vietnam 43, Thailand 44, Philippines 52, Indonesia 55.
Why did Thailand's IMD ranking improve in 2026?
Business efficiency moved from 24 to 21 and infrastructure from 47 to 45, with big gains in the labour market and international investment. Economic performance slipped from 8 to 10, and government efficiency stayed at 32.
Where is Thailand weakest on competitiveness?
In NXT's read, growth and stability, innovation and digital, and people and productivity. The structural weak spot. Output per worker is about 56% of Malaysia's, while Thailand has the third-oldest population in the set, after far richer Japan and Korea. IMD ranks it 52nd of 70 on education and 56th on health and environment.
What is NXT's read across the five pillars?
Investment is pouring in, but the engine is still idling. Growth and stability Weak (Slipping); Trade and investment Watch (Improving); Innovation and digital Weak (Flat); People and productivity Weak (Flat); Institutions and governance Watch (Improving). Each call starts from a published scorecard; NXT may move it one step and always says why.
How often is the monitor updated, and can I reuse the data?
Every quarter, after NESDC publishes GDP, with global ranks added as each index comes out. Every edition keeps its own page, PDF and data file, which never change. The data downloads as CSV under CC BY 4.0, with credit to NXT Consulting Group.