Thailand has moved up six places, to 27th from 33rd, in the annual competitiveness rankings compiled by the Swiss-based Institute of Management Development (IMD). The World Competitiveness Yearbook 2008 noted improvements over the past year in the country's rankings in all key categories (see table), although infrastructure remains a weak point with rankings significantly lower than in other sectors.

Overall, the United States topped the table but IMD analysts suggested that the world's largest economy could be overtaken next year for the first time by Singapore.

The island republic had an overall competitiveness score of 99.3 against the benchmark of 100 used for the top-ranked economy.

Stephane Garelli, director of the IMD's World Competitiveness Center, said that new players were entering the world economy and that not all of them were countries. Strong local brands, sovereign funds and other entities have changed the rules of the game.

''The power base of the world economy, which used to be centred on the US, Japan and Europe, is now more diluted. Money, work, brainpower and technology can be accessed almost everywhere,'' he said.

The World Competitiveness Yearbook report quoted the Thailand Management Association as saying that the country's most urgent challenges were to:

- Tackle the problems of inflation.

- Build up investors' confidence by speeding up public investment projects to improve infrastructure.

- Drive measures to improve energy efficiency.

- Improve industries' competitiveness.

- Establish mechanisms to support business adjustment in various sectors including SMEs.

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