Public debt in the next national economic and social development plan should be capped at an average 50% of GDP from the current 60% to ensure a sustainable fiscal status, a seminar has been told.
Speaking at the seminar on the 12th national economic and social development plan for 2017-21, Arkhom Termpittayapaisith, secretary-general of the National Economic and Social Development Board (NESDB), said Prime Minister Prayut Chan-o-cha and Deputy Prime Minister Somkid Jatusripitak had already agreed on the cap for the next five to 10 years.
The goal is aimed at ensuring future governments and the general public are more concerned about public debt.
At the end of last year, public debt to GDP stood at 43%, with the rate expected to rise once the government kicks off investment in infrastructure projects and a host of stimulus measures.
The 12th plan has also set a target of 5% annual economic growth in order to raise gross national income per capita (GNI) to US$8,859 at the end of the plan in 2021. In 2014, Thailand's GNI stood at $5,739, according to the NESDB.
Mr Arkhom said Thailand must develop new technology, innovative goods, exports, border trade, infrastructure and tourism in order to achieve an average growth of 5% a year under the plan.
Thailand posted economic growth of only 3.2% on average in the last eight years, blaming poor exports and political unrest.
Mr Arkhom said the 12th plan would stipulate infrastructure projects to ensure the next government continued infrastructure development as stated.
It will be the first time that details of infrastructure projects will be included in the national development plan.
A power development plan will also be included in the 12th national plan.
Mr Arkhom said the plan would be submitted to parliament to ensure the next government and the public became more aware and proceeded with the development plan.
The 12th plan will also follow the philosophy of the sufficiency economy with the ultimate aims of narrowing income disparity, reserving national resources, creating good governance in both the public and private sectors, developing high technology and innovation and promoting research and development in both the agricultural and industrial sectors.
The retirement age may be raised to 65 from 60, as Thailand's population is ageing and many older people will have the potential to continue working, Mr Arkhom said.
The workforce system should be improved to allow ageing citizens to work in appropriate occupations.
Gen Prayut yesterday called on the public, politicians and entrepreneurs to engage more in the national plan to ensure its accomplishment. He said the previous one failed to live up to the target due in part to a lack of cooperation by society.
"Future governments should continue the national reform initiated by this government, while there should be no more political conflicts," he said.