Thailand Targets Structural Reforms To Lift Growth Potential To 3 Pct By 2030

BANGKOK, June 22 (Bernama-Xinhua) -- Thailand's Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas on Monday announced a structural overhaul targeted at lifting the country's long-term annual economic growth potential to 3 per cent from 2.7 per cent by 2030, reported Xinhua.

Speaking after a public-private sector consultative meeting, Ekniti stated that the Thai government is transforming the joint committee from a passive advisory forum into a highly disciplined, executive economic engine.

He said the newly established roadmap focuses on expanding national investment to nearly 30 per cent of gross domestic product and driving Thailand's global competitiveness into the world's top 20 rankings over the next four years, with the aim of achieving high-income nation status within 12 years.

The deputy prime minister noted that the coordinated strategy will deploy systematically across four pillars: creating a new industrial base, promoting trade and local economies, developing human resources and innovation, and enhancing public sector efficiency.

The meeting also greenlit the "Reinvent Thailand" policy to elevate seven strategic industries of the future, including processed agriculture and food, future automotive, smart electronics, medical and wellness, tourism, retail and trade, and the creative economy.

According to the government statement, these sectors represent over 273,000 businesses, employ more than 11.9 million people, and generate approximately 66 per cent of total business revenue nationwide.

--BERNAMA-XINHUA