OECD Economic Surveys: Thailand 2023
Thailand has achieved remarkable economic progress over the past decades. A strong
and timely policy response helped to cushion the economic and social impact of the
pandemic, and of high energy and food prices. While bold fiscal support prevented
the economy from falling into a recession, public debt has risen and fiscal consolidation
should now continue at a gradual pace. Rising social demands, population ageing and
the green transition will likely add to public spending pressures and call for raising
additional tax revenues. Boosting productivity and mastering the transition towards
more sustainable and inclusive growth will require stepping up delayed structural
reforms. Competition remains limited across several sectors, likely related to market
entry barriers and high regulatory burdens. More than half of workers lack formal
employment and social security does not cover most of them. Social pensions provide
a minimum income floor for elderly people, and raising them could allow significant
inroads in the fight against poverty and inequality. Meeting climate pledges will
require bold and well-organised reforms. Renewable power generation has advanced,
but the overall share of renewable energy sources remains lower than in peer countries.
SPECIAL FEATURES: BOOSTING PRODUCTIVITY; INCLUSIVE RECOVERY; GREEN GROWTH
Published on December 07, 2023
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