Connect with us

Economics

Thailand: structural change is needed to create more quality jobs (OECD)

Sustained, strong growth and a rapidly modernising economy have turned Thailand into an upper-middle income country

Aishwarya Gupta

Published

on

How can Asia close the gap between the haves and the have-nots?

Thailand has made impressive economic and social progress over the past several decades, but must now take further steps to transform its economy and ensure that prosperity is shared more equally across the country, according to a new report from the Organisation for Economic Co-operation and Development.

The Initial Assessment of the Multidimensional Review of Thailand highlights how sustained, strong growth and a rapidly modernising economy have turned Thailand into an upper-middle income country.

Poverty has plummeted from 60% in 1990 to 7% today, while education and health services have considerably expanded and improved, fueling the country’s ambitions to become a high-income country by 2036.

The Review also points out, however, that Thailand is facing a new set of challenges and needs to find new sources of growth to meet them.

Policies and investments are needed to reinvigorate economic transformation, create higher quality jobs and provide more opportunities, particularly for the large share of workers in the most vulnerable forms of employment. Social protection remains fragmented and is in need of better funding, according to the Review.

“Thailand finds itself at a critical stage of development,” OECD Deputy Secretary-General Masamichi Kono said while presenting the Review with Kobsak Pootrakool, Minister attached to the Prime Minister’s Office, and Porametee Vimolsiri, Secretary-General of the Office of the National Economic and Social Development Board of Thailand.

“Yes, there are challenges, but also multiple opportunities that open up as Thailand strives to pursue a sustainable development path to the benefit of all. It must seek to reinvigorate economic transformation, reduce multi-faceted inequalities and ultimately achieve high-income status. The OECD stands ready to help Thailand design the policies needed to realise these ambitions,” Mr Kono said.

While Bangkok’s success as a metropolis has been key to Thailand’s emergence as middle-income country, thriving secondary cities are now needed to provide new sources of growth and accelerate progress toward more sustainable development.

This will require improved public governance arrangements to ensure effective delivery of public services nationwide, as well as a stronger focus on environmental conservation and disaster risk management, particularly with regard to water.

The initial assessment presented in Bangkok will be followed by two further volumes that will deliver in-depth policy recommendations and guidance for policy action to overcome some of Thailand’s key constraints.

More about the OECD Multi-dimensional Country Reviews can be found here: www.oecd.org/development/mdcr.htm.

Comments

Economics

The Future of Asia: greener but with a public and private debt hangover

The COVID-19 pandemic has been a perfect storm, destroying jobs, worsening poverty and inequality, and creating a public and private debt problem—especially for countries and firms already in fragile financial health beforehand

Avatar

Published

on

The Sydney Opera resumed live performances and the city of Melbourne recently hosted the Australian Open tennis tournament with fans (mostly) in attendance.

Loading...
(more…)

Continue Reading

Economics

50:50 campaign may not get immediate extension

National News Bureau of Thailand

Published

on

logomain

Loading...

BANGKOK (NNT) – The government’s 50:50 co-pay campaign expiring on 31st March may not be getting an immediate campaign extension. The Minister of Finance says campaign evaluation is needed to improve future campaigns.

The Minister of Finance Arkhom Termpittayapaisith today announced the government may not be able to reach a conclusion on the extension of the 50:50 co-pay campaign in time for the current 31st March campaign end date, as evaluations are needed to better improve the campaign.

Originally introduced last year, the 50:50 campaign is a financial aid campaign for people impacted by the COVID-19 pandemic, in which the government subsidizes up to half the price of purchases at participating stores, with a daily cap on the subsidy amount of 150 baht, and a 3,500 baht per person subsidy limit over the entire campaign.

The campaign has already been extended once, with the current end date set for 31st March.

The Finance Minister said that payout campaigns for the general public are still valid in this period, allowing time for the 50:50 campaign to be assessed, and to address reports of fraud at some participating stores.

The Fiscal Police Office Director General and the Ministry of Finance Spokesperson Kulaya Tantitemit, said today that a bigger quota could be offered in Phase 3 of the 50:50 campaign beyond the 15 million people enrolled in the first two phases, while existing participants will need to confirm their identity if they want to participate in Phase 3, without the need to fill out the registration form.

Mrs Kulaya said the campaign will still be funded by emergency loan credit allocated for pandemic compensation, which still has about 200 billion baht available as of today.

Source link

Continue Reading

Economics

Customs Department Considers Measures to Help SMEs

National News Bureau of Thailand

Published

on

logomain

BANGKOK (NNT) – The Customs Department is seeking ways to reduce the impact of the exemption on import tax and value-added tax (VAT) for imported goods worth up to 1,500 baht, as such measures are hurting small and medium-sized enterprises (SMEs).

Loading...
(more…)

Continue Reading

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 13,958 other subscribers

Latest

Trending