Thailand faces long-term economic challenges and a slow-growing workforce, exacerbated by an aging population. Calls for fiscal and political reforms to avoid a lost decade and boost economic growth.
Thailand’s Economic Woes and Long-Term Challenges
Thailand is facing a dual challenge of short-term economic struggles and long-term demographic issues. Despite efforts to combat immediate hardships, studies indicate that the country’s economy is plagued by aging population, requiring sustainable solutions. The World Bank, along with other research centers, has revised Thailand’s economic growth forecast, emphasizing the need for addressing long-term challenges to secure financial stability.
Revitalizing Thai Economy through Secondary Cities
The World Bank has urged Thailand to focus on developing secondary cities to diversify its economic base and reduce over-reliance on Bangkok. By empowering local authorities with more control over urban planning and fiscal policies, these cities can unlock their economic potential. With greater autonomy and reliable revenue sources, secondary cities can chart their own growth trajectories, contributing significantly to a balanced national economy and averting the risk of prolonged economic stagnation.
