The government vows to narrow the widening income disparity gap in the country to 15 times over the next 20 years, down from 20 times now.
Porametee Vimolsiri, secretary-general to the National Economic and Social Development Board (NESDB), said Thailand's 20-year national strategy plan implemented from 2017 set an ultimate goal of narrowing income disparity, focusing particularly on the 10% richest and the 10% poorest.
To reduce the income gap, the government needs to focus on income distribution, economic development and legislative reform to give low-income earners access to education, economic opportunities and justice, he said.
Mr Porametee said it is the government's priority to introduce more policies to shore up the plight of low-income earners, who account for 20% of the population.
He said the national strategy aims to raise per capita income to US$15,000 (467,384 baht) a year, with average GDP growth of 5%. That goal further entails raising Thailand's competitiveness raking to break the global top 20.
Thais' per capita income is $6,000 a year, while Thailand was ranked 27th in the IMD World Competitiveness rankings in 2017, up from 28th in 2016.
Arturo Bris, director of the World Competitiveness Center, said while Thailand's rise in the rankings may seem insignificant, the better performance of the Thai economy and improvements in the adaptability of government, central bank policy and the effectiveness of government decisions are worth mentioning.
Infrastructure, health and education persist as key weaknesses for the Thai economy, said Mr Bris.
Mr Porametee said Thailand's population structure is also expected to affect the Thai economy in the long term as the number of elderly people is set to surge.
The number of elderly people is forecast to make up 20.6% of the population in 2021, rising to 24% in 2026 and up to 30.2% in 2036. The elderly represented 17% of the population in 2017, while the workforce is expected to account for 63.1% in 2022, falling to 56.3% in 2026.
Children accounted for 18% of the population in 2017, projected to drop to 17%, 16% and 14% in 2022, 2026 and 2036, respectively.
The NESDB's report estimates 100 workers are needed to take care of 78 elderly people, up from 100 per 53 now. The total population is expected to drop to 65.1 million in 2026 from 65.5 million in 2017.
Mr Porametee said the agency has already completed the public hearing process in four regions for the 20-year national strategy, while the draft plan is expected to go before the cabinet for approval in May and the National Legislative Assembly in July.
Thailand's national strategy centres on six key areas -- farming, services, tourism, entrepreneurship, logistics and digital.
The cabinet in March of 2017 approved the national strategy and national reform bills to direct the country's economic and social development over the next 20 years. The bills call for the continuity of development regardless of the government in power.
This includes setting long-term goals for social and economic development, dictating strategies deemed necessary for security, quality of life and the role of government in public relations.
Incoming governments are bound by law to perform administrative duties to uphold the plan.