China News Service, Bangkok, December 16 According to Thailand's "Bangkok Post" 16**, due to Thailand's aging population and slowing private investment, the World Bank expects Thailand's potential economic growth rate in the next 20 years will be the lowest among ASEAN economies.
According to the report, the World Bank believes that without economic reforms, the potential growth rate of the Thai economy in the next 20 years is expected to be around 3%, the lowest level in the ASEAN region. Kiatipong, senior economist at the World Bank in Thailand, said the low level was due to an aging society, a slowdown in private investment and a decline in labor productivity.
World Bank** Thailand's GDP growth rate in 2024 and 2025 is 32% and 31%, the lowest in ASEAN, whose economic growth is driven by exports, tourism and consumption.
Kiatipong said Thailand's current manufacturing level is still below pre-pandemic levels. Thailand's FDI inflows, which contracted in 2020, improved in 2021 and 2022, but still lagged behind Malaysia and Vietnam. In order to increase its economic growth potential, Thailand needs to carry out structural reforms through fiscal policy and increase investment in human resources, education, health, climate change adaptation, etc.
In the long term, Thailand in particular needs human resources investment to improve labor skills and productivity, as well as attracting foreign direct investment in the innovation sector to increase social productivity and address the challenges posed by an aging society, according to the World Bank. (ENDS).
*: China News Network).