Thailand Bets on Productivity to Power Its High-Income Future

Five industries are identified as especially promising: advanced manufacturing, sustainable and wellness tourism, digital services, agrifood and creative industries.

Thailand could reach high-income status by 2037 if it raises productivity, strengthens innovation and creates better opportunities across businesses, cities and the workforce, according to a new World Bank Group report presented at the Bangkok Business Summit 2026. Building Thailand's Future Today estimates that annual GDP per capita growth of 5.4 percent will be needed, placing pressure on policymakers and business leaders to move the economy beyond growth built largely on lower labour costs and toward a model powered by technology, knowledge, advanced skills and greater domestic value creation.

The report arrives as Thailand prepares to host the IMF–World Bank Group Annual Meetings in Bangkok in October, giving the country a timely opportunity to connect its economic priorities with international expertise, financing and investment. World Bank Division Director for Thailand and Myanmar Stephen N. Ndegwa said the country had achieved transformative growth within a generation before and could repeat that success through reforms that improve competitiveness, productivity and job quality.

Five Industries Could Lead Thailand's Next Growth Chapter

The proposed roadmap centres on 'upgrading and dynamism,' two closely connected priorities designed to help Thailand move into higher-value economic activities while making it easier for businesses, workers and cities to adapt. Upgrading would involve faster technology adoption, stronger research and innovation, better workforce skills, increased domestic value added and deeper benefits from foreign investment rather than relying mainly on imported knowledge or production inputs.

Five industries are identified as especially promising: advanced manufacturing, sustainable and wellness tourism, digital services, agrifood and creative industries. Thailand already possesses valuable experience, infrastructure and market connections in these fields, giving local companies a foundation from which they can develop specialised products, adopt modern technologies and create better-paid employment. Building stronger links between international investors and domestic suppliers could also help smaller Thai companies gain knowledge, improve production standards and enter global value chains.

Competitive Firms and Skilled Workers Will Shape the Economy

Greater economic dynamism will depend on allowing more businesses to enter markets, grow beyond the small-enterprise stage and compete fairly. The report calls for stronger competition, improved access to finance, deeper trade integration and wider support for innovation, particularly for startups and small and medium-sized enterprises that often face difficulties securing capital, adopting technology or reaching international customers. A healthier business environment could encourage productive firms to expand while generating more formal jobs with better wages and protections.

Thailand's workforce will need equally significant investment as companies increasingly compete through technical expertise, creativity and innovation. Stronger foundational education, vocational training, artificial intelligence capabilities and science, technology, engineering and mathematics skills could prepare workers for changing industries, while lifelong learning would help people update their abilities throughout their careers. Measures that improve social mobility and allow older adults, women and underrepresented groups to remain in productive employment could broaden participation at a time when demographic change is reshaping the labour market.

Carlos Felipe Jaramillo, World Bank Vice President for East Asia and Pacific, described Thailand's high-income ambition as achievable if the country enables more firms to scale, invests in skills and innovation, and ensures that economic progress reaches communities across the country.

Stronger Secondary Cities Can Spread Better Jobs Nationwide

Thailand's economic transformation cannot rest on Bangkok alone. The report recommends developing secondary cities as productive regional centres where businesses can invest, workers can find quality employment and communities can benefit from improved infrastructure and public services. Bangkok would continue to play a central role, with greater attention given to making the capital greener, more innovative and more efficient for residents and businesses.

Turning these recommendations into visible results will require sustained cooperation among government agencies, private companies, education providers, investors and local communities. The Bangkok Business Summit provides a setting for those groups to connect Thailand's reform agenda with global knowledge and partnerships, creating momentum for a growth model that produces stronger firms, more capable workers and prosperous regions rather than concentrating opportunity in a limited number of industries or locations.