Thailand's bid to join the Organisation for Economic Co-operation and Development (OECD) is a crucial opportunity to address deep-rooted structural weaknesses, particularly rule-of-law shortcomings that undermine investor confidence and competitiveness, a forum was told.
Speaking at the Thailand Rule of Law Leadership Forum 2026: Competitiveness and OECD Readiness recently, Kittipong Kittayarak, chairman of the Thailand Institute of Justice and a member of Thailand's OECD accession oversight committee, said the country's slow economic growth reflected declining confidence among both domestic and foreign investors.
He argued Thailand's excessive and outdated regulations, combined with broad discretionary powers granted to state officials, had contributed to perceptions of corruption and weakened the country's competitive position.
"Visible infrastructure such as roads, bridges and technology can be repaired when problems arise," Mr Kittipong said.
"The more difficult challenge is our invisible infrastructure -- the rule of law. If laws are enforced inconsistently and outcomes are unpredictable, investors become reluctant to commit to long-term investments and innovation suffers."
He said Thailand should use the OECD assessment process as an opportunity to undertake structural reforms and improve systemic efficiency.
He noted that international measures such as the World Justice Project's Rule of Law Index demonstrate that the rule of law can be assessed through factors including government accountability, law enforcement effectiveness and corruption risks.
He added that strengthening the rule of law was no longer solely a legal issue but required cooperation across government, business and civil society.
The newly established Thailand Rule of Law Leadership Programme, a 14-week initiative bringing together leaders from multiple sectors, was designed to support reforms aligned with OECD standards.
Tatyana Teplova, senior adviser on justice at the OECD's Public Governance Directorate, said the rule of law is a cornerstone of public trust, economic resilience and institutional effectiveness.
She said clear and consistently enforced rules enable businesses and citizens to access justice, make decisions with confidence and operate within a transparent system that serves the public interest.
"There is no magic formula for successful reform," Ms Teplova said. "The most important factor is ensuring that all sectors of society move forward together."
Payong Srivanich, chairman of the Thai Bankers' Association and president of Krungthai Bank, said investors needed confidence that they could compete fairly in Thailand.
Thuttai Keeratipongpaiboon, director of the National Economic and Social Development Council's international strategy and coordination division, said structural and institutional weaknesses, including outdated regulations, corruption and governance deficiencies, had slowed growth and trapped the country in a cycle of low credibility and weak growth.
Thailand has reached the technical review stage of the OECD accession process, which he said is regarded as the most demanding phase.
