Thailand’s Ambitious Plan to Achieve High-Income Economy Status by 2037

Bangkok: Thailand has set a target to elevate itself to a high-income economy by 2037, as outlined in a comprehensive report released by the World Bank titled "Building Thailand's Future Today." The report emphasizes the importance of accelerating productivity growth through two strategic pillars: "Enhancing Potential and Building Dynamics," which focus on the business, labor, and urban sectors to boost economic value and create quality jobs. This goal aims to achieve a per capita income growth of 5.4% annually, facilitating Thailand's transition to high-income status by the designated year. According to Thai News Agency, the World Bank unveiled its new report, "Building Thailand's Future Today: The Investment and Growth Playbook," at The Bangkok Business Summit 2026. The launch was graced by the presence of distinguished figures, including Mr. Stephen N. Endeguiwa, World Bank Country Director for Thailand and Myanmar; Ms. Catherine Anne Stapleton, Senior Economist for Thailand; and Mr. Kwanphat Suthithamkit , Senior Country Officer for Thailand. This event coincides with ongoing discussions between the government and business sectors regarding the restructuring of Thailand's economy, preceding the annual meeting of the International Monetary Fund and the World Bank Group, set to take place in Bangkok in October. The report identifies Thailand's potential to expedite its transition to an innovation-driven high-income economy by enhancing productivity through capability enhancement and dynamism at various levels. This strategic approach aims to propel Thailand towards higher-value economic activities, fostering the creation of more and higher-quality jobs. The report proposes a reform agenda framework anchored on two interlinked pillars: "Upgrading" and "Dynamism." Implementing these pillars concurrently is projected to facilitate a GDP growth rate of 5.4% per year, a critical rate for achieving high-income status by 2037. The "Enhancing Potential" pillar aims to propel Thailand towards higher-value economic act ivities by accelerating technological adoption, promoting innovation, developing workforce skills, increasing domestic value, and harnessing the positive returns from investment. Thailand's competitive edge and potential for job creation are highlighted in five future industries: advanced manufacturing, sustainable and health tourism, digital services, agribusiness and food, and creative industries. The "Creating Dynamism" pillar targets the business, labor, and urban sectors, urging the business community to create opportunities for more businesses to enter, expand, and compete in the market. This can be achieved by enhancing competitiveness, facilitating technology transfer through foreign direct investment, deepening trade linkages, improving access to funding, and fostering innovation, enabling startups and SMEs to grow and generate more jobs. Regarding the future workforce, the report indicates a shift in Thailand's competitiveness from low wages to a greater emphasis on skills, knowledge, technology, and innovation. Strengthening fundamental skills, vocational education, and expertise in artificial intelligence, technology, engineering, and mathematics (STEM) is crucial. This involves expanding lifelong learning opportunities, enhancing social mobility, and enabling citizens to engage more actively in the labor market, thereby boosting productivity and paving the way for superior jobs. Additionally, Thailand's "cities of the future" are envisioned to play a pivotal role in job creation across various sectors. Strengthening secondary cities as growth engines and developing Bangkok to be more economically efficient, environmentally friendly, and innovation-driven are vital components of this vision. Mr. Stephen N. Endegua, World Bank Country Director for Thailand and Myanmar, expressed optimism about Thailand's potential for transformative growth, citing the country's past achievements. The World Bank Group is prepared to collaborate with the government, private sector, and other development partners to p rovide world-class knowledge, funding, and operational experience to support reform efforts, with the primary objectives of enhancing productivity, boosting competitiveness, and creating quality jobs. Carlos Felipe Caramillo, Vice President for East Asia and the Pacific at the World Bank, emphasized that Thailand's aspiration to become a high-income country is attainable, contingent upon the adoption of new growth models that generate higher added value. Thailand can leverage its existing strengths by enabling more businesses to expand and compete, investing in workforce skills and innovation, and ensuring that wealth benefits are distributed across the nation. The report's launch at the Bangkok Business Summit 2026 serves as a crucial platform for aligning Thailand's economic reform strategies with international expertise, investment, and cooperation, translating the report's proposals into tangible actions.