Thailand nearing 12th plan goals

Thailand nearing 12th plan goals

Thailand is nearing the goals set in the 12th national economic and social development plan (2018-2022).

The state planning unit, the National Economic and Social Development Council (NESDC), reported on Thursday the economy grew by an average of 4.1% in the first two years of the five-year national plan, which aims for an average of 5% a year.

Thosaporn Sirisamphand, secretary-general of the NESDC, said in the first two years economic growth outstripped the same period in the 10th and 11th national plans, which grew by an average of 3% and 3.5%, respectively.

The 12th plan commenced on Oct 1, 2017.

Mr Thosaporn said the country succeeded in maintaining economic stability for the first two years, with public debt standing at 41.9% of GDP in 2018, far below the 55% of the government's fiscal and monetary framework the plan aims for by its completion in 2022.

The average inflation rate was 0.9%, close to the target set by the Bank of Thailand, while agricultural production grew by an average of 4.4%, higher than the 3% target and improving from a contraction of 0.9% in the 11th plan, he said.

The net income of farmers between 2017 and 2018 was an average of 74,483 baht per family, higher than the target of 59,460 baht per family.

Industrial manufacturing expanded by 3%, below the target of 4.5%, because of the global economic slowdown, said Mr Thosaporn.

However, the figure remained higher than the 2.5% achieved in the 11th plan.

The service sector expanded by 4.7%, equal to the same period in the 11th plan, but below the target of 6%.

Small and medium-sized enterprises (SMEs) accounted for 42.4% of GDP in 2017, higher than 42.1% at the end of the 11th plan.

The 12th plan aims to raise the contribution from SMEs to 45% of GDP.

Thai competitiveness was ranked 30th by the International Institute for Management Development (IMD) in 2018 from a total of 63 countries.

Thailand slipped from 27th place in 2017.

The country's 12th plan aims for a ranking of 25th.

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