Thailand’s economic growth rate (GDP) for the whole year this year will be 3.5 percent compared to last year’s 0.9 percent, according to the latest forecast of the World Bank.
World Bank’s director for Southeast Asia Mr Urich Zakao said today that the only factors attributing to this year’s forecast of higher growth rate compared to last year’s are declining global oil prices, higher revenues from tourism industry, increased government’s spending and gradual increase of exports.
Due to lower competitiveness, the World Bank pointed out that Thai exports which grew by an average of 13 percent per annum during 2006 and 2011 started to contract since 2012. The share of Thai exports in the world’s export market also contracted accordingly.
Mr Zakao, however, said that Thailand could regain its competitiveness if the Thai labour’s skills and productivity are increased.
While access to education among Thai children and youths has increased substantially for the past 25 years when only 10 percent of them had access to secondary education compared to 70 percent today, he suggested that the quality of the Thai education should also be improved as well.
Thailand’s economic growth rate (GDP) for the whole year this year will be 3.5 percent compared to last year’s 0.9 percent, according to the latest forecast of the World Bank.World Bank’s director for Southeast Asia Mr Urich Zakao said today that the only factors attributing to this year’s forecast of higher growth rate compared to last year’s are declining global oil prices, higher revenues from tourism industry, increased government’s spending and gradual increase of exports.Due to lower competitiveness, the World Bank pointed out that Thai exports which grew by an average of 13 percent per annum during 2006 and 2011 started to contract since 2012. The share of Thai exports in the world’s export market also contracted accordingly.Mr Zakao, however, said that Thailand could regain its competitiveness if the Thai labour’s skills and productivity are increased.While access to education among Thai children and youths has increased substantially for the past 25 years when only 10 percent of them had access to secondary education compared to 70 percent today, he suggested that the quality of the Thai education should also be improved as well.
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