PM Prayut announces a 5-point plan for the future economy
In an online meeting hosted by the National Economic and Social Development Council, Prime Minister Prayut Chan-o-cha announced his intention to revise Thailand’s economic and production outlook and methods. The plan looks towards future trends and the increasingly ubiquitous digital economy and aims to get Thailand in line for growing the economy now and in new sectors.
The goals would be part of the next national economic and social development plan, the 13th plan set to launch from 2023 to 2027. The current 12th plan was enacted for 2017 to 2022 but the secretary-general of the NESDC warns it will most likely miss all its targets due to the widespread negative effects of the Covid-19 pandemic that has flattened much of the economy, especially the tourism sector that accounts for about one-fifth of Thailand’s economy.
PM Prayut proposed a 5-item strategy to address growing and enhancing the economy:
- Thailand would first need a complete overhaul of how goods are produced in the country. Emphasis is needed on research and development. The goal would be to fall in line with the needs of the digital economy.
- To keep up with demand in the new digital world, human resources would also need to be developed and enhanced.
- The revised plan for the economy from 2023 will focus on fairness to all people and work to provide equal opportunity to the people of Thailand.
- Future economic growth should also be carried out with the environment in mind. Environmental conservation should be at the forefront of development to not contribute to global climate change, and progress should be made with sustainability incorporated. (Thailand has announced intentions of becoming a Southeast Asian hub for electric vehicles, among other green initiatives.)
- The proposed plan stresses the need for Thailand to be prepared for futures issues that may arise and ready to meet any unforeseen global challenges that may arise in the coming years.
SOURCE: National News Bureau of Thailand
