BANGKOK: Thailand must confront high household debt, rapid population ageing and climate risks while strengthening its economic foundations and developing new sources of growth, according to International Monetary Fund (IMF) deputy managing director Kenji Okamura.
Okamura made the remarks at the Thailand Special Seminar, “Bangkok 1991 to 2026: Thailand’s Path to Resilient, Inclusive Growth”, held during the 2026 IMF–World Bank Group Annual Meetings at the Queen Sirikit National Convention Centre in Bangkok on Tuesday.
He outlined Thailand’s economic achievements over the past 35 years and the challenges that could constrain growth.
He highlighted the country’s substantial transformation since Bangkok last hosted the annual meetings in 1991, pointing to economic expansion, rising gross domestic product (GDP) per capita and a sharp reduction in poverty.
“The economy is now more than three times larger than it was then. GDP per capita has risen from less than US$1,800 to more than US$8,000.”
Thailand’s poverty rate has also fallen from more than 50% to below 5%, while manufacturing and high-productivity services have increased their share of economic value added.
The country has become an important regional hub for manufacturing, trade and tourism.
“Few countries have achieved such a far-reaching transformation within one generation,” Okamura observed.
Okamura attributed Thailand’s progress to three major factors: sound economic institutions, international economic integration and investment in human capital.
The first was the development of credible macroeconomic policy frameworks and stronger institutions following the Asian financial crisis.
These improvements helped preserve stability and enabled Thailand to withstand a succession of major shocks.
The second was greater openness to regional and global markets, which supported investment and exports, created opportunities and facilitated structural transformation.
The third was sustained investment in education, health and skills, which expanded economic opportunities, improved living standards and laid the foundations for future development.
Okamura emphasised that these strengths would remain essential as Thailand faced a more challenging global environment.
Despite its achievements, Thailand faces structural challenges that could weigh on its long-term growth prospects. — The Nation/ANN
