Thailand has laid out its 11th National Economic and Development Plan, pointing out how to integrate with the significant roles of emerging economies, including Brazil, Russia, India and China.
Regarding to the multi-polar global economy, India’s significance as a fast expanding economic dynamism is highlighted, according to the National Economic and Social Development Plan for the year 2012-2016 (B.E. 2555-2559).
The plan confirms that the growth of markets and middle-class in India and Brazil is no less important than the opening-up of new markets in China and Russia. Asia will be the major drive for the economic growth, expected to contribute to 5% of global growth during the plan while 8.9% growth is forecasted for the Asian economy alone.
Thailand needs to utilize the most from the Free Trade Agreement frameworks between many countries, including bilateral agreements and FTA between Thailand and India and between ASEAN and India, the plan says.
Thailand also needs to push for more engagement with India under regional cooperative frameworks for the development of infrastructures, ports, transportation and logistical links and closer connections between peoples.
The new plan gives importance to Thailand’s sustainable economic growth and development to go hands in hands with social development and good governance. The 11th plan adopts the “Philosophy of Sufficiency Economy” which has become the guiding light of the country’s development since the 9th Plan. Although the philosophy has been regarded as Thailand’s economic immunity for 10 years, there still remain areas of Thai society to make the philosophy more relevance to all walks of life.
The changing contexts of external and internal environments have been taken into account for the plan’s analysis. The seven main global changes are global rules and regulations, the multi-polar global economy, the ageing society, climate change, food and energy security, technological advancement, and international terrorism.
The Southeast Asia’s second largest economy has put the National Economic and Social Development Plan for the year 2012-2016 (B.E. 2555-2559) in action after the proposal by the Office of the National Economic and Social Development Board of Thailand (NESDB) has been approved and announced in the Government gazette.
Khanin Boonyasopat
