Tuesday, April 16, 2024

World Bank report highlights challenges and opportunities facing Thailand

The 2024 SCD Update for Thailand outlines challenges including inadequate human capital, lagging productivity, infrastructure gaps, environmental degradation, and weak institutions. To achieve high-income status, reform priorities focus on improving education, competition, innovation, infrastructure, climate resilience, and institutions.

Challenges and Opportunities in Thailand

The 2024 Systematic Country Diagnostic (SCD) Update for Thailand sheds light on the obstacles and prospects facing the nation. Thailand’s economy struggles with inadequate human capital, low productivity, and infrastructure deficiencies, impeding its growth potential. Climate change and environmental degradation also present significant risks, necessitating sustainable development strategies and protective measures.

Reform Priorities and High-Level Outcomes

To overcome these hurdles and attain high-income status by 2037, the update outlines five key outcomes: enhancing human capital, fostering a competitive economy, promoting sustainable urban development, advancing climate resilience, and reforming institutions. Proposed actions include improving education, boosting innovation, addressing infrastructure gaps, mitigating climate risks, and promoting transparent institutions to achieve inclusive and sustainable growth.

Key Challenges Outlined in Thailand 2024 SCD

The Thailand 2024 Systematic Country Diagnostic Update highlights critical challenges such as inadequate human capital with poor learning outcomes and an ageing population. The lagging economy faces issues like low productivity, dominance of large firms, and infrastructure gaps, hampering overall progress. Environmental degradation and climate vulnerability further pose risks that must be addressed to foster growth and build a resilient economy by 2037.

Source : World Bank report highlights challenges and opportunities facing Thailand

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