Prime Minister Prayut Chan-o-cha has called on all parties to work together to achieve the objectives of the 12th national economic and social development plan, which he said will be instrumental in upgrading Thailand to a developed nation.
Speaking at the annual meeting of the National Economic and Social Development Board to 2,700 participants, Gen Prayut said the 12th plan (2017-21), which runs in tandem with the 20-year national strategy, a larger framework for the country's development, will offer the first step in transforming Thailand to a better future.
The 12th plan has set a target of per capita income of US$8,200 (286,500 baht), up from $6,400 now, while the 20-year national strategy aims to raise per capita income to $12,600 by 2036.
The plan aims to raise Thailand's world competitiveness ranking to 25th, with export growth averaging 4% and tourism revenue of 3 trillion baht a year.
Thailand's world competitiveness ranking edged up one spot this year, helped by improvements in the economy and institutional framework.
According to the latest report from the World Competitiveness Center, a research group at IMD business school in Switzerland, Thailand's ranking rose to 27th from 28th in 2016.
While the rise in rankings may look insignificant, it is worth mentioning the better performance of the Thai economy and improvements in adaptability of government, central bank policy and effectiveness of government decisions, according to the report.
To achieve that goal, Thailand needs to secure annual average economic growth of 5% a year.
"In the past three years, many problems have been solved but many still need to be resolved," said the premier.
"The government has already issued 401 laws while more than a thousand need reform."
Gen Prayut said Thailand's overall expenditure on research and development should reach 1.5% of GDP in 2021 when the 12th plan ends.