The Office of the National Economic and Social Development Council (NESDC) has assured that Thai economic stability remains sound, although it faces hindrances to future expansion.
According to the NESDC, the COVID-19 pandemic has weakened the Thai economy, which is reflected in the rise of household and public debts, as well as the inflation rate.
Additionally, the NESDC said Thailand also faces issues that block investments and lack of funds for Research and Development (R&D) projects. The Kingdom must also contend with labor shortages and becoming an aging society.
The NESDC noted that Thailand relies heavily on the tourism sector to generate income. This has led to a slower recovery from the COVID-19 pandemic when compared with many other nations.
The office added that people should pay close attention to technology and its disruptive impact on the monetary market, especially cryptocurrencies and other digital assets. It also said Thailand should adopt a resilient economic system that can weather the fast-paced digital world along with other changes and crises in the future.
The NESDC suggested that the government and private sector cooperate in promoting R&D projects and encouraging innovation. Another important area is human resource development, as future workforces should have the skills and efficiency to add value to the nation’s economy.
The NESDC is drafting the 13th national economic and social development strategy. It will introduce a plan to the national strategy commission before submitting it to the Cabinet for endorsement in the next fiscal year. (NNT)
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