Thailand has transitioned from a lowincome to an upper-middle-income country in less than a generation. Over the past 20 years, the country has maintained high foreign reserves, low inflation, a sound banking system and a stable exchange rate. Combined with an openness to trade, financial flows, labour migration and investments in both human and physical capital, these advances have facilitate…
Spurred by public investment, its growth rate averaged more than 9 percent between 2000 and 2017. Gross domestic product per capita (measured in purchasing power parity or PPP has risen nine-fold since 1991, but remains low compared to other parts of the world (for example, emerging and developing Asian countries (figure 1)). Initially, per capita GDP growth barely exceeded population growth b…