Thailand’s 13th national economic and social development plan, which will run from 2023 to 2027, intends to transform the country in order to achieve five goals. For the first time, Thai Prime Minister Prayut Chan-o-cha revealed the specifics of the proposed 13th five-year National Economic and Social Development Plan, which outlines five goals for the country’s transformation from 2023 to 2027. PM Prayut announced the administration will develop the country with five goals while chairing a webinar themed “Mission to Transform” organized by the National Economic and Social Development Council (NESDC) on September 22. The seminar, which drew representatives from governmental agencies, politics, the commercial sector, and civic organizations, was held to gather feedback on the draft plan.
To begin, Thailand must restructure its manufacturing in order to adapt to the digital economy. It must place a high priority on research and development. Second, the country must invest in human resources in order to keep up with the rapid pace of digital development. Third, the plan emphasizes providing everyone with equal chances and justice. Fourth, the country has to place a greater emphasis on environmental protection and long-term solutions to the effects of global climate change. Finally, as development accelerates, Thailand must prepare for any global concerns and issues, such as connectivity with neighbouring nations and the creation of economic corridors in each region of the world.
The implementation of the 12th national economic and social development plan, which runs from 2017 to 2022, is likely to fall short of expectations, as the country continues to grapple with the spread of COVID-19. Because the country is currently dealing with challenges relating to Covid-19, the 12th plan is likely to fall short of its goals. The 12th plan, which started on October 1, 2017, aspires for annual economic growth of 5%. In the first two years of the five-year period, the economy increased by an average of 4.1 %, before falling to a 2.3 % rise in 2019 and a 6.1 % contraction in 2020.
The government promises to provide a sufficient annual budget to fund development projects under the 13th national economic and social development plan (2023-27) in order to ensure that the plans may improve economic growth over time. The plan aims to transform Thailand in five key areas: narrowing income disparities and poverty reduction through innovation; creating a knowledge-based economy and value-added development; human resource development to meet demand in a digital economy; environmental conservation to deal with climate change; and advanced preparations to deal with changing global economic and social environments.
The 13th Plan is expected to combine sufficiency economy concepts, the United Nations’ Sustainable Creation Goals, the bio-, circular, and green economic model, and the 20-year national strategy plan in its development.
The plan’s annual budget for development projects is projected to be between 500 and 600 billion baht. The budget for development projects was at least 20% of the entire fiscal budget under the 12th plan, which ran from 2017 to 22. The following plan’s budget allocation will be limited to specified development projects.
As COVID-19 cases rise, the government’s planning unit cut its economic growth prediction for the third time on Aug 16 to a range of 0.7-1.2 % this year, down from 1.5-2.5 % in May, 2.5-3.5 % on Feb 15, and 3.5-4.5 percent in November 2020. Exports, according to the NESDC, will be critical to economic growth this year. Exports are expected to increase by 16.3 % this year, up from 10.3 % in May’s prediction, while private investment is expected to increase by 4.7 %. The next national economic and social development plan should strive to make Thailand a high-value-added economy.
The new development framework for the country’s 13th national economic and social development plan emphasis on high-value-added economic growth. A high-value-added economy focuses on activities that result in a big profit margin between the final price of a good or service and the cost of the inputs needed to manufacture it, resulting in larger profits for firms and higher pay for workers.
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