While facing near-record household debt and a high cost of living, Thailand aims to generate 31 percent more wealth in five years through economic and social policies.
According to the National Economic and Social Development Council, the Thai government plans to increase per capita income to USD 9,300 in fiscal year 2026 from USD 7,097 in fiscal year 2021.
Danucha Pichayanan, secretary-general of NESDC, said measures to boost productivity and competitiveness in manufacturing and service sectors will take effect on October 1.
After the Asian financial crisis in the late 1990s, the country’s per capita income almost quadrupled, but the pandemic led to increasing household debt to almost 90 percent of GDP. Moreover, the country is facing sticky inflation and a slump in the Baht, further threatening its uneven economic recovery.
“The five-year plan is not carved in stone. The situation now is so hard to predict, the plan can be changed if there are unexpected events,” Mr Danucha explained.
NESDC chief stated that the national plan will rely more on local economies to ensure sustainable growth amid fast-changing environments characterised by geopolitical risks, climate changes, and digital transformation. As almost 20 percent of the country’s population reaches the age of 60, the labour force is in decline.