The World Bank gives out advice to the world’s economies and major corporate entities, and, this time, they’ve turned their attention to Thailand, advising the Kingdom to invest in people and public services, from many a secondary school in Bangkok to public transport. The bank says that this’ll help the country grow into a high-income economy.
According to the World Bank’s Thailand Economic Monitor, released earlier in January, the Kingdom’s economy is set to grow by 3.8% in 2019, while the growth projection for 2020 sits at 3.9%, in spite of global slowdown in growth, as well as international socioeconomic tension.
The report also highlighted that Thailand should invest in what they call ‘human capital’; the skills of people and public services that let it support the country’s citizens. This, along with proper economic reforms were key to the country turning itself into a high-income nation.
World Bank Country Manager for Thailand, Birgit Hansl, says that ensuring that the pace and quality of structural reforms in the Kingdom remains stable is paramount to its efforts in reducing poverty, as well as improving long-term growth to hit over 4%, in order to rise up against the demographic issues that have popped up due to rapid aging.
He elaborates, saying that emphasizing capital investment is key to Thailand’s efforts in creating a better future for their citizens and the country at large. Key areas in education and health does much in equalising opportunities for future generations.
The World Bank says that Thailand should focus on dealing with issues faced by the smaller schools in the country, alongside many a secondary school in Bangkok, in order to make sure that even poor students in the country get quality education, via improving school-based management, as well as spending more on public education.
They also stated that Thailand’s government should also prioritize health services, which will help in bumping up the adult survival rate in the country, where it lags behind the average global rate, in terms of non-communicable disease and road traffic injuries.
Despite external factors biting into trade and tourism, Thailand’s economy is estimated to have grown at a rate by 4.1% in 2018.