Can Thailand achieve high-income status by 2037? (video)

As Thailand strides towards achieving high-income status by 2037, a formidable challenge emerges in the form of widespread flooding, which continues to wreak havoc on its economy.

In an exclusive interview with Thai PBS World, the World Bank unveils a groundbreaking strategy aimed at expediting flood management, potentially reshaping Thailand’s economic landscape. Discover the transformative insights and ambitious plans set to redefine Thailand’s future.

Amid Thailand’s pursuit of economic supremacy, the collaboration between the Thai government and the World Bank emerges as a beacon of hope. Manuela V. Ferro, Vice President for East Asia and Pacific at the World Bank, emphasized the significance of Thailand’s government undertaking a massive, intricate, and ambitious flood management project, necessitating resources and expertise. The World Bank stands ready to assist and support Thailand’s government in completing this critical endeavor.

Ferro underscored Thailand’s susceptibility to natural disasters, particularly citing the devastating floods of 2011, which inflicted a staggering cost of US$46.5 billion (approximately 1 trillion baht) and equivalent to 12.6% of GDP. Urgent action is imperative to shield millions from peril and bolster the nation’s competitive edge.

However, the path to economic revitalization faces challenges. Prime Minister Srettha’s highly publicized digital wallet scheme, aimed at rejuvenating the economy, receives mixed reviews. While providing short-term relief, experts raise concerns regarding its long-term efficacy in fostering development.

Ferro advocates for strategic investments in education and skilled labor, crucial for Thailand’s resurgence amidst the global supply chain recalibration.

“Thailand can cultivate a more favorable business environment”

Ferro emphasized, highlighting the necessity for a skilled workforce to ascend the value chain, as reported by Thai PBS World.

In the aftermath of pandemic-induced economic stagnation, Thailand’s economic future hangs in the balance. Yet, there is optimism as the World Bank pledges steadfast support for infrastructural projects and flood management, propelling Thailand towards prosperity.

In related news, when torrential rains lashed Sri Racha in Chon Buri province, it triggered two hours of relentless downpour on Tuesday, March 19, resulting in flash floods that wreaked havoc across the district.