The National Economic and Social Development Board (NESDB) have predicted that over the next 30 years the Thai economy is expected to grow by 4-5 percent per annum.
The NESDB’s secretary-general Porametee Vimolsiri spoke with reporters stating that for Thailand a key target is the 20-year national strategic framework beginning in 2017 where by then end of the 20 year term the nation would achieve the status of “developed country.”
The plan includes narrowing the rich poor divide and wealth inequality in the nation.
He said that if economic growth continues as predicted at 4-5 percent Thailand will be upgraded to a group of high-income countries like Singapore.
Poramette also noted that to achieve the developed status the challenges that face the country are not just economic but social as well with a need to narrow the social inequality.
If the nation’s population could enjoy a medium-level income that consumer spending would increase as well.
Thailand is also facing an ageing population meaning that over the next 30 years more than 30 percent of the population will be elderly resulting in a shrinking workforce, one solution to combat this over the next five years is an education reform to allow the youth of today to study technology which will provided jobs over the next 30 years.
With large scale investment in Thailand’s Eastern Economic Corridor attracting high profile companies to set up manufacturing facilities in the region exports are also predicted to rise, further strengthening the Thai economy.
Source : coconuts
Content : LovePattayaThailand