After tom yum goong crisis in Thailand in 1997,medium
and long run
economic growth rate decrease over 2 per cent
meanwhile valued added from agricultural,industrial and
services sector do not change.
Thailand
Development Research Institute (TDRI) indicate
that ,according
to compound rate growth ,if economic
growth rate is about 4-5 per cent /year economic potential
of Thailand to be free from medium income trap is about
20 years.
Thailand is in late period of economic restructuring
from
medium economic growth or in the period of slow growth
economic compare with developing beside this the country
faced with external factors such as world economic
crisis,
internal factors such as aging society that could drag
down
economic.
Based on a study for economic restructuring in other
countries
found that to be
free from medium income country trap,
there are three ways :
1.Emphasize on developing by specializing in sevices
sectors
such as the United States ,Japan and Republic of
Chaina(Taiwan).
2.Restructuring economic by specialzing in industry with
strong band which
high value added to economic such as
South Korea ,strong band in Sumsung and LG.
3.Restructuring economic in many industrial area without
concentrating in a single area such as Spain.
Most of medium income country trap select to restrucing
in
the third alternative and do not successful.
Low –medium –high income GDP/head
Low income
GDP/head 1,055 us$
Lower middle income
GDP/head 1,036-4085 us$
Upper middle income
GDP/head
4,086-12615 us$
High income GDP/head = > 12,616
us$
In 2011,the World Bank lift Thailand from lower middle
income
to upper middle with GDP/head 5,779.0 between 2010-2014
Past decades in developing the country, Thailand had an
adventage of low labour cost but since economic change,
the country lose this adventage compare to neigberhood.
So the country has to develop with new strategies to boost
economic growth to high level.
Think of the three ways for economic restructuring,
I think we should emphasize on developing our country by
specializing in services sector support with pushing rapid
income growth by selective restructuring in industrial
area
that make value added to the country.
We can countinous modify and change our strategies in
harmony with global
economic so that we can competitive
in the market and
reach the goal to high income country.
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