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.
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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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