The Thai government and the private sector have agreed to develop an economic roadmap with short-, medium- and long-term objectives aimed at strengthening the country’s growth potential, Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas was quoted by local media as saying after a meeting of the Joint Public and Private Sector Consultative Committee on Monday.
Ekniti said the long-term goal is to help Thailand escape the “middle-income trap” and attain high-income status within 12 years. In the medium term, the government aims to raise the country’s economic growth potential from around 2.7% currently to above 3% and place it among the world’s top 20 most competitive economies by 2030.
To achieve these goals, the government has adopted a development strategy centered on three key priorities: maintaining macroeconomic stability and fiscal discipline; developing infrastructure and human resources; and promoting sectors in which Thailand holds competitive advantages.
Growth drivers identified under the strategy include high-value agriculture and food processing, next-generation vehicle manufacturing, smart electronics integrated with artificial intelligence, health care and pharmaceuticals, wellness tourism, international trade and the creative economy.
Bangkok’s skyline is photographed during sunset, July 3, 2023. Photo by Reuters |
Danucha Pichayanan, secretary-general of the National Economic and Social Development Council, said Thailand must accelerate economic restructuring if it wants to become a high-income country.
He noted that Thailand’s per capita income currently stands at around US$8,000–9,000 per year, well below the approximately $15,000 threshold generally associated with high-income economies.
According to Danucha, Thailand will need to raise its economic growth potential to around 5.5% and maintain annual GDP growth of about 5% in order to achieve high-income status within the next 12 years. He emphasized that stronger public-private cooperation, increased investment and institutional reforms would be critical to the country’s economic restructuring efforts.
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