Thailand's high-income dream

Thailand is targeting high-income status by 2037, but business leaders say the country must achieve average annual growth of 5.4% to get there. The goal remains ambitious as recent growth has slowed.

The National Economic and Social Development Council said GDP growth fell from 2.9% in 2024 to 2.4% in 2025. Growth reached 2.8% in the first quarter of this year before slowing to 1.9% in the second quarter.

The Federation of Thai Industries has asked the government to work with 48 industries on a joint strategy. The proposed framework would seek to make manufacturing a source of future growth, with high-tech manufacturing and electric vehicles among the targeted sectors.

Other proposals include modernising trade, investment practices and business models, upgrading Thai workers’ skills, and developing smart cities and infrastructure. FTI chairwoman Pimjai Leekhunakorn said all of these elements must be integrated if Thailand is to reach the 5.4% annual growth target.

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If we want to escape the middle-income trap, an average annual growth rate of 5.4% is essential