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Thailand: Industrialization and Economic Catch-Up

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  • Asian Development Bank (ADB)
  • Asian Development Bank (ADB)

    (Economic Research and Regional Cooperation Department, ADB)

  • Asian Development Bank (ADB)

    (Economic Research and Regional Cooperation Department, ADB)

  • Asian Development Bank (ADB)

Abstract

Thailand’s economic and social transformation of the last 50 years has placed it in the ranks of uppermiddle- income countries and made it an integral part of global value chains. It has also established itself as a regional hub for key transport and logistics, with a world-class airport. Yet, growth has concentrated on greater Bangkok. As wages rise, productivity needs to keep pace for the economy to stay competitive. While it has diversified its economic base into tourism, health care, and other services, the bulk of the workforce remains in low-productivity activities—with the agriculture sector still employing almost 40% of workers.To continue its rise, therefore, Thailand needs to move into the higher-value segments of economic activity and create high-quality jobs that are regionally broader based. This report identifies the major constraints to accomplishing these goals and analyzes the main challenges. Among them, the country must (i) enhance research and development and international technology transfers; (ii) elevate worker skills and theirindustrial relevance; (iii) address structural impediments to competition, notably in services; (iv) provide advanced transport and logistics infrastructure; and (v) improve access to finance and technology for micro, small, and medium-sized enterprises.

Suggested Citation

  • Asian Development Bank (ADB) & Asian Development Bank (ADB) & Asian Development Bank (ADB) & Asian Development Bank (ADB), 2015. "Thailand: Industrialization and Economic Catch-Up," ADB Reports RPT157810-2, Asian Development Bank (ADB).
    • Handle: RePEc:asd:wpaper:rpt157810-2
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    Cited by:

    1. Chunark, Puttipong & Limmeechokchai, Bundit & Fujimori, Shinichiro & Masui, Toshihiko, 2017. "Renewable energy achievements in CO2 mitigation in Thailand's NDCs," Renewable Energy, Elsevier, vol. 114(PB), pages 1294-1305.
    2. Pham, Binh Thai & Sala, Hector & Silva, José I., 2020. "Growth and real business cycles in Vietnam and the Asean-5. Does the trend shock matter?," Economic Systems, Elsevier, vol. 44(1).
    3. Roshan Bhandari & Wenchao Xue & Salvatore G. P. Virdis & Ekbordin Winijkul & Thi Phuoc Lai Nguyen & Suraj Joshi, 2023. "Monitoring and Assessing Urbanization Progress in Thailand between 2000 and 2020 Using SDG Indicator 11.3.1," Sustainability, MDPI, vol. 15(12), pages 1-13, June.
    4. Hinh T. Dinh, 2017. "Jobs, Industrialization, and Globalization," Books & Reports, Policy Center for the New South, number 22, October.
    5. Mohd. Fayaz & Sandeep Kaur Bhatia, 2018. "Technological Intensity of Indian Exports and the Performance of Emerging Asian Economies," Emerging Economy Studies, International Management Institute, vol. 4(1), pages 62-77, May.
    6. Phattharachai Uthaphan & Saccarak Rai sa-nguan & Aphichit Mueaithaisong & Artit Phanphoon & Somkhuan Karsapone & Sakdipong Sopajorn & Radchaneeboon Neadpuckdee & Prasong Promsri & Prachan Chachikul, 2022. "Using an Integrated Training Course with Family, Community, and Buddhism in solving Unintended Pregnancies among Vulnerable Thai Youth," Higher Education Studies, Canadian Center of Science and Education, vol. 12(4), pages 137-137, November.

    More about this item

    Keywords

    thailand; industrialization; binding constraints; country diagnostic study; economic transformation; critical constraints; economic catch-up;
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