Bangkok has achieved a remarkable ascent in the 2024 Global Cities Index (GCI), jumping 11 positions to secure the 34th spot—marking the largest gain among the world’s top 50 cities. This improvement is attributed to enhanced business activity, cultural experiences, and information exchange, as noted by consulting experts.
According to local analysts, Bangkok’s rise in business activity primarily stems from a significant increase in its sea freight ranking.
“In a year marked by disruptions to sea shipping for many cities, Bangkok’s strategic location has bolstered its resilience in this area,” commented a local industry leader.
The city has also seen an uptick in the number of top global service firms, contributing positively to its overall business activity ranking.
This increase showcases Bangkok as a burgeoning hub for international business, highlighting its favorable business environment and financial appeal.
The GCI assesses cities on various criteria, including business activity, human capital, information exchange, cultural experience, and political engagement, utilizing 31 distinct metrics.
This year’s index included new metrics for digital readiness and human mobility, reflecting contemporary global challenges and leading to improved average scores across cities.
Thailand has positioned itself well in Kearney’s Global Services Location Index, moving up one place to ninth overall, thanks to its competitive financial landscape and inviting business climate.
“This illustrates Thailand’s growing status as a prime offshore destination for business services,” said industry representatives.
Bangkok’s ability to enhance its information exchange ranking is evidenced by its eighth-place finish globally, largely due to improved internet speeds and the removal of less relevant metrics.
In terms of cultural experiences, the city saw enhancements across several metrics, including international visitor numbers, food diversity, and the vibrancy of its visual and performing arts scene.
Economic Landscape
As Thailand’s capital, Bangkok continues to evolve economically through significant infrastructure investments, rapid digital advancements, and targeted governmental initiatives.
Thailand is also benefitting from the China+One strategy as businesses seek to diversify their operations across regional markets, fueling growth in manufacturing.
“The economic landscape in Thailand is set to expand further, paving the way for increased foreign investment opportunities,” industry leaders indicated.
A recent report highlighted Bangkok’s rise from 45th place last year, yet the city still trails behind consistently high-ranking locales such as Singapore, Tokyo, and Hong Kong.
“For Bangkok to enhance its global standing, it must tackle critical issues such as environmental sustainability and social equity, alongside bolstering its innovation capacities,” a city analyst remarked.
Singapore has overtaken Beijing to claim fifth position this year, credited to its robust business activity, exceptional human capital, and advanced digital capabilities.
Shanghai’s climb to eighth place is attributed to improved information exchange metrics, particularly excelling in internet speed and data center presence.
“While Bangkok has performed commendably, it must confront substantial environmental challenges intensified by climate change,” cautioned industry experts.
“To mitigate this crisis, Bangkok should implement a proactive, systems-oriented approach that emphasizes regeneration and sustainability,” they suggested, calling for integrated governance, inclusive decision-making, and empowering future generations.
