BANGKOK, March 26 (Xinhua) -- The World Bank on Monday launched its Systematic Country Diagnostic (SCD) Update for Thailand, highlighting five reform priorities for the Southeast Asian country to revitalize growth amid an enduring downturn.
The report entitled "Shifting Gears: Toward Sustainable Growth and Inclusive Prosperity" identified the five reform priorities as building strong human capital; creating a competitive and innovative economy; unlocking growth in secondary cities; ensuring sustainable and climate-resilient development; and strengthening fiscal institutions and public finance.
"These reforms are pivotal for Thailand to ascend to the status of an advanced economy in the foreseeable future, characterized by greater societal equity and a more sustainable, climate-resilient economy," said World Bank Country Manager for Thailand Fabrizio Zarcone.
The report highlighted that to become a more innovative and inclusive economy, Thailand must improve learning outcomes and close skills gaps by increasing education spending, optimizing resource allocation, and aligning education with labor market needs.
Thailand must also enhance tech competitiveness, strengthen competition regulations, attract skilled professionals, and empower small and medium-sized enterprises through increased access to finance for innovation, according to the report.
It noted that to attain economic prosperity while upholding environmental integrity, Thailand also needs to promote sustainable agricultural practices and responsible tourism, which would also include addressing the challenges posed by climate change, including preventing and mitigating floods and droughts, improving the management of water resources, and prioritizing sustainable energy transition.
With a previous one published in 2016, the SCD Update was prepared following consultations with government officials and representatives of the private sector, development partners, civil society organizations, and academia. ■
