It’s got easier doing business in Thailand according to the latest business index published by the World Bank.
Thailand is now ranked 26th, up two places from last year’s position largely thanks to an easing of restrictions by the government.
This index is determined as a one-year prediction and involves 189 countries
The main reason for Thailand’s rise is an improvement in the priority the government is giving to service improvements, such as construction permission. The Bangkok Metropolitan Administration is now authorised its district offices to grant approvals where the proposed construction is not taller than eight storeys.
The Thai government also has a policy of attracting foreign business to invest, with special offers such as a reduction in the property transfer fee from 2 percent to 0.01 percent, and a reduction in the rate of Corporate Income Tax from 30 percent to 20 percent, according to Thailand’s National News Bureau.
It also noted that Thailand still has to make improvements in other services, such as access to loan credit, solutions to bankruptcy issue and investor protection.
Singapore topped the list of business-friendly economies globally, while five of the top 10 most
improved countries are in sub-Saharan Africa, according to the World Bank Group’s rankings.
The 12th annual report found that the 10 economies with the most business-friendly regulatory environments are Singapore; New Zealand; Hong Kong SAR, China; Denmark; the Republic of Korea; Norway; the United States; the United Kingdom; Finland; and Australia.
The 10 economies that have improved the most since the previous year are Tajikistan, Benin, Togo, Côte d’Ivoire, Senegal, Trinidad and Tobago, the Democratic Republic of Congo, Azerbaijan, Ireland, and the United Arab Emirates.
Andrew Batt, International Group Editor of PropertyGuru Group, wrotw this story. To contact him about this or other stories email andrew@propertyguru.com.sg
