Thailand is setting its sights on becoming a high-income country within the next 12 years, a goal that presents a significant challenge given the nation’s economic trajectory. This ambition follows the completion of the 13th National Economic and Social Development Plan (2023-2027), under which Thailand has remained a middle-income country and is lagging behind its ASEAN counterparts. The country is now preparing to launch the 14th Plan (2028-2033) in 2028, with considerable expectations for a substantial economic restructuring.
The National Economic and Social Development Board (NESDB) has acknowledged that the 13th Plan did not achieve its intended objectives. Danucha Pichayanan, Secretary-General of NESDB, stated at the 2026 annual meeting, themed “Thailand’s Next Agenda,” that while per capita income has risen, it has not reached the threshold for high-income status. This shortfall is attributed to a series of continuous crises, including the COVID-19 pandemic, the Russia-Ukraine war, high inflation, trade wars, Middle Eastern conflicts, and natural disasters. Consequently, Thailand’s per capita income in 2025 was approximately $8,300, falling short of the targeted $9,300 for 2027. Furthermore, Thailand’s economic productivity has seen slow growth, with a 1.2% increase in 2025, and its global competitiveness ranking stands at 26th, an improvement from 30th but still outside the top 25.
The upcoming 14th Plan, scheduled for implementation in 2028, is designed to foster an economy that “grows faster, more inclusive, and more sustainable.” It aims for an average annual GDP growth rate exceeding 3% to boost national and per capita income, ensure the widespread distribution of growth benefits, and elevate Thailand’s competitiveness ranking to the top 20 by 2029. The plan will prioritize enhancing productivity and competitiveness through infrastructure improvements, the removal of existing constraints, strengthening national capabilities, and cultivating a future-oriented economy.
Four primary objectives have been set for the 14th Plan: firstly, to improve productivity and efficiency across production and service sectors; secondly, to establish a government that is smaller, more capable, and more transparent; thirdly, to develop a skilled workforce capable of supporting economic growth; and fourthly, to promote environmentally friendly production and consumption patterns. The plan also places a strong emphasis on strategic investments to address fundamental structural issues.
Dr. Ekachai Jearavanij, Deputy Prime Minister and Minister of Finance, identified four critical risks facing Thailand’s economy: sustained slow growth, maintaining economic stability, addressing income inequality, and confronting environmental and climate change challenges. He underscored the necessity of fiscal discipline, increased investment in new technologies, and proactive measures to manage household debt and enhance SME financing. Thailand must also strategically leverage global geopolitical shifts to attract new industries and integrate them effectively into the domestic economy, ensuring that these developments benefit Thai workers and small and medium-sized enterprises.
The successful execution of the 14th Plan hinges on robust collaboration between the government and the private sector. A united approach to implementing the plan will be crucial for seizing global economic opportunities and ensuring that the benefits of broad-based growth are equitably shared among Thai workers, SMEs, and the wider population.