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Thailand’s potential economic growth to be the lowest among ASEAN economies
To improve long-term growth potential, Thailand needs structural reforms focused on investing in human capital, education, health, climate change adaptation, tax reform, and promoting foreign direct investment in innovative and environmentally-friendly sectors.
Thailand’s potential economic growth is expected to be the lowest in the ASEAN region over the next 20 years, according to the World Bank.
Key Takeaways
- Thailand’s potential economic growth over the next 20 years is projected to be the lowest among ASEAN economies due to ageing demographics, decreased private investment, and reduced labor productivity.
- To improve long-term growth potential, Thailand needs structural reforms focused on investing in human capital, education, health, climate change adaptation, tax reform, and promoting foreign direct investment in innovative and environmentally-friendly sectors.
- With targeted social assistance, improved public spending efficiency, and increased tax revenue, Thailand can strengthen its potential growth to 4-5% per year in the long term while addressing welfare, poverty alleviation, and fiscal sustainability.
Thailand’s economy is projected to face a prolonged period of low growth over the next two decades, according to a recent report by the World Bank. The report cites several factors contributing to this slowdown, including an aging population, declining productivity growth, and increasing global competition.
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