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As the second largest economy in Southeast Asia and the world’s 19th largest manufacturer,
Thailand has consistently achieved robust economic growth thanks to the country’s strong
fundamentals and diverse industries. These same factors are also sources of resilience
allowing the country to recover quickly from the 2008 global financial crisis.
The Thai economy registered 1.6% growth in the Forth quarter of 2019. The overall
economic expansion for the Thai economy in 2019 is projected in the range of 1.5 - 2.5%.
Thailand’s exports decline by 2.7% in the Forth quarter of 2019.
Looking to the future, Thailand’s economic development is set to follow a 20-year National
Strategy Plan, with a vision of achieving security, prosperity and sustainability. The 12th National
Economic and Social Development Plan, in effect from 2017 to 2021, was thus mapped out
in line with the National Strategy Plan. The principles of the “Sufficiency Economy Philosophy”
continue to be a vital element of the 12th Plan, as they have significantly contributed to balanced
and sustainable development in Thailand over many years.
Projection for Growth and Inflation
In September 2020 Monetary Policy Report, the Thai economy was expected to contract
7.8 percent in 2020 but would recover and expand 3.6 percent in 2021 as merchandise exports
would gradually improve. The economy in the second quarter was severely affected mainly
by the strict containment measures both domestic and abroad.
For more information: Forecast Summary in Monetary Policy Report
The Fiscal Policy Office
Thailand 4.0
The country's path forward will follow an economic model called Thailand 4.0, which aims to
unlock Thailand from several economic challenges and help the country break free from
the middle-income trap. The economic model focuses on four objectives: economic prosperity,
social well-being, raising human values, and environmental protection.
To achieve economic prosperity, the key drivers will be innovation, technology and creativity.
The Thai government aims to raise research and development expenditure to 1.5% of GDP,
increase economic growth to annual rates of no less than 5% within five years, and boost
national income per capita from US$5,470 in 2014 to US$15,000 by 2032.
To promote social well-being, the Thailand 4.0 model focuses on encouraging all members of
society to reach their full potential, and reducing social disparity and income inequality.
The economic model also aims to develop human capital by transforming cost-effective labour
into a skilled workforce.
For more information: Thailand's Economy
Thailand 4.0 Video
Download images: Thailand's Economic Factsheet
Thailand 4.0 Infographic
