BOT and NESDC launch Reinvent Thailand to boost economic competitiveness
Thailand’s economy has long struggled with structural problems that have stifled its potential, exacerbated by a lack of continuous reforms.
This has led to reduced growth, declining competitiveness, and increased vulnerability among businesses and households. Addressing these issues requires urgent, sustained action.
In response, the Bank of Thailand (BOT) and the National Economic and Social Development Council (NESDC) have teamed up with the Fiscal Policy Office (FPO), the Thai Bankers Association (TBA), the Federation of Thai Industries (FTI), and the Thai Chamber of Commerce (TCC) to launch the Reinvent Thailand project, a new initiative designed to revitalise the country’s economic structure.
The Reinvent Thailand project is a collaboration between the private sector, financial institutions, and the government, aimed at creating a truly sustainable solution to the country’s economic challenges.
It serves as a “central platform” to reform Thailand’s economic policy-making and execution. The project’s three core principles are:
- Co-Creation & Execution: The initiative invites all sectors, especially the private sector, to play a role from policy design through to implementation and evaluation.
- Data-Driven Policy: Policy decisions will be based on accurate and timely data to ensure maximum effectiveness.
- Private Sector-Led, Government-Supported: The private sector will be the main driver of change, while the government will play a supportive role, creating the right environment and removing regulatory barriers.
Sethaput Suthiwartnarueput, Governor of the BOT, stressed that Reinvent Thailand is not just about developing policies in an ivory tower or waiting for government aid, but rather about joint commitment.
"This project will act as a compass for guiding economic policy to elevate the country's potential in the long run," he said.
Danucha Pichayanan, Secretary-General of NESDC, added, "The long-standing structural problems cannot be solved by short-term measures or by any single agency. This platform will spark collaboration across all sectors, providing the momentum needed for Thailand’s economy to grow sustainably and compete globally again."
In its first phase, the project will launch pilot projects addressing urgent issues, with plans to expand into other areas.
The ultimate goal is to create continuity in policy that can be adopted by future governments to enhance business competitiveness, generate jobs, increase income, and improve the quality of life for all Thai people.
