The World Bank urges Thailand to overhaul its economic strategy to overcome the “middle-income trap” and reach high-income status by 2037. The report highlights that current growth of around 2% is insufficient, advocating for a shift towards innovation-driven growth.
Key recommendations include embracing structural transformation, investing more in innovation and future skills, and opening the service sector to attract foreign investment. Thailand’s strengths—such as its strategic ASEAN position, digital infrastructure, and product reputation—should be leveraged to develop new industries like digital services and green manufacturing.
The report emphasizes the importance of human capital development through education reforms and regional investment to ensure inclusive growth. Simplifying business processes and promoting green and digital infrastructure are quick wins to attract entrepreneurs and establish Thailand as a regional digital hub.
Overall, the World Bank stresses the need for comprehensive reforms focused on innovation, infrastructure, and inclusivity to prevent stagnation and accelerate progress beyond the current growth rate.