Bangkok (VNA) – Thailand has set a goal of becoming a high-income country within the next 12 years and joining the world’s top 20 most competitive economies by 2030 under a new development strategy built on close public-private sector cooperation.
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 (JPPCC) on June 22 that the Thai Government and the private sector agreed to develop an economic roadmap with short-, medium- and long-term objectives aimed at strengthening the country’s growth potential.
According to Ekniti, 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%, while placing Thailand among the world’s top 20 most competitive economies by 2030.
To achieve these goals, the Government has adopted a development strategy based on an “economic team” approach centred 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 (AI), health care and pharmaceuticals, wellness tourism, international trade and the creative economy.
Meanwhile, 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 8,000–9,000 USD per year, well below the approximately 15,000 USD threshold generally associated with high-income economies.
According to Danucha, Thailand will need to raise its economic growth potential to around 5.5% and sustain annual GDP growth of about 5% in order to achieve high-income status within the next 12 years. He emphasised that stronger public-private cooperation, increased investment and institutional reforms would be critical to the country’s economic restructuring efforts./.
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