Govt sets path to prosperity

Four engines to lift economy by 2030

Thailand has set an ambitious goal of escaping the middle-income trap and attaining high-income status within the next 12 years, under targets announced after the inaugural meeting of the Joint Public-Private Consultative Committee on Monday.

The initiative also aims to place Thailand among the world's top 20 countries for competitiveness by 2030, while accelerating growth and investment through closer public-private cooperation.

Speaking after the meeting, Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas said the government and private sector had jointly established a framework to strengthen the economy over the short, medium and long term.

"The conclusions drawn from consultations with the private sector have been developed into economic strategies for the short, medium and long term. Most importantly, they are designed to enable Thailand to sustainably escape the middle-income trap," he said.

Under the medium-term plan, the government aims to lift Thailand's global competitiveness ranking into the top 20 by 2030 and raise economic growth potential above 3%, from a current estimated 2.7%.

Mr Ekniti likened the approach to a football team, with government and business working together as defenders, midfielders and forwards toward a common goal rather than operating separately as in the past.

The "defence" function would focus on macroeconomic stability and fiscal discipline to reinforce investor confidence and shield the economy from global volatility. He said Thailand's financial discipline over the past seven to eight months had helped preserve its stable credit standing despite turbulence in international markets.

The "midfield" role would strengthen key infrastructure. These areas -- reliable electricity supplies, adequate water resources, accessible clean-energy systems, digital and artificial intelligence readiness, legal reform and human capital development -- are intended to provide the foundation for future economic expansion.

The "forward" line would drive income through seven sectors: high-quality agriculture and food, next-generation vehicles, AI-linked smart electronics, pharmaceuticals and healthcare, wellness tourism, trade and logistics, and the creative economy.

"Our objective is to establish a clear GPS so that everyone shares the same vision of taking Thailand into the world's top 20 for competitiveness by 2030," Mr Ekniti said. "This will be achieved through integrated cooperation between government agencies and private operators, who will not only identify problems but work together to solve them."

The government has also identified four key economic engines.

The first centres on attracting future industries through the Thailand Fast Pass scheme and developing Thailand as a regional financial hub, while advancing the green economy and modernising the automotive industry.

The second focuses on tourism, healthcare, food security, processed agriculture, the creative economy, wholesale and retail trade, and faster free trade agreement negotiations to strengthen Thailand's position as a regional production and trading hub.

The third emphasises human capital and innovation. The government plans to improve education in science, technology, engineering and mathematics, support research and innovation, promote start-ups, and expand upskilling and reskilling programmes, particularly in AI-related fields.

The fourth aims to remove bureaucratic obstacles through digital government services, greater transparency, anti-corruption measures and improved management of public assets.