Thailand Targets Top 20 Global Ranking in 12-Year High-Income Push

Deputy PM Ekniti Nitithanprapas targets 3% potential GDP growth and TOP 20 global competitiveness as Thailand pivots away from legacy industries.

Deputy Prime Minister and Minister of Finance Ekniti Nitithanprapas has set out a strategic roadmap to propel Thailand into high-income status within 12 to 15 years, pivoting the economy away from legacy manufacturing toward high-tech growth industries.  

Speaking on Tuesday at the Fiscal Policy Office’s Annual Academic Symposium 2026 (FPO Symposium 2026) under the theme FPO's New Horizons: Data in Depth, Reshape Fiscal Policy, Ekniti outlined the government's medium-to-long-term economic priorities.

As reported by Krungthep Turakij, the Finance Minister emphasised that under the administration's four-year term, short-term benchmarks will focus on raising potential gross domestic product (GDP) growth above 3 per cent, up from the current 2.8 to 2.9 per cent range.

To achieve this, the Ministry of Finance aims to boost total public and private investment to 30 per cent of GDP—up from 23 per cent—with targeted funding directed into modern infrastructure and workforce development.

The strategy also seeks to elevate Thailand's global competitiveness from its current rank of 26th into the world's top 20, as assessed by the International Institute for Management Development (IMD) and World Economic Forum (WEF).

"We must have a dream," Ekniti said. "If we do not set a concrete target and simply claim that the Thai economy will grow 'sustainably' or 'qualitatively', the picture remains floating and intangible. Setting clear, shared goals enables every sector to move forward together."

Transitioning Beyond Legacy Manufacturing  

Addressing structural challenges, Ekniti noted that while global geopolitical fragmentation positions Thailand as an attractive, neutral trade and investment hub, the domestic economy has relied heavily on past capital investments.

Legacy drivers include traditional automotive assembly and petrochemical bases established following the 1985 Plaza Accord, as well as development under the Eastern Economic Corridor (EEC) initiative.

To replace aging growth models, the government is shifting focus toward high-value, next-generation sectors, including:

Artificial Intelligence (AI) and Data Infrastructure: Artificial intelligence, optical transceivers, and hyperscale data centres.

Advanced Manufacturing: Semiconductor production, electric vehicles (EVs), and industrial robotics.

Under the Board of Investment’s (BOI) updated framework, foreign investment incentives will strictly require local technology transfers and domestic supply chain sourcing to benefit local workers and small-to-medium enterprises.

Five-Point Fiscal Framework

To manage budget constraints and public debt limits while driving structural reform, the Finance Ministry introduced five fiscal anchors:

Target: Rationalise public spending by replacing unconditional cash handouts with targeted capability-building programmes.  

Transition: Cushion against external shocks by accelerating clean energy integration, including Direct Power Purchase Agreements (Direct PPA).

Transform: Upgrade human capital via modern reskilling platforms (Skill Bridge) and next-generation infrastructure projects.

Transparency: Digitise tax administration and budget allocation frameworks to enhance fiscal clarity and data accuracy.  

Together: Mobilise private capital through Public-Private Partnerships (PPPs) and dedicated Infrastructure Funds to relieve pressure on state budgets.

"The public and private sectors must act in tandem," Ekniti added. "Failing to take proactive measures today guarantees economic stagnation. By aligning our resources, we can usher Thailand into a genuinely new economic horizon."