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Overcoming Middle Income Traps in Thailand: Lessons Learnt from Singapore |
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| รหัสดีโอไอ | |
| Creator | Thasanee Satimanon |
| Title | Overcoming Middle Income Traps in Thailand: Lessons Learnt from Singapore |
| Publisher | National Institute of Development Administration |
| Publication Year | 2568 |
| Journal Title | NIDA Case Research Journal |
| Journal Vol. | 17 |
| Journal No. | 1 |
| Page no. | 32-61 |
| Keyword | Middle Income Trap, Development Policy, Economic Growth, Export-Led Growth, Human Capital Development, Research and Development |
| URL Website | https://so04.tci-thaijo.org/index.php/NCRJ |
| Website title | NIDA Case Research Journal |
| ISSN | 2822-0978 |
| Abstract | The Middle-Income Trap (MIT) is a situation in which a country that has developed its status from being a low-income country to a middle-income one has a small prospect of developing to the level of a high-income country. Thailand has been stuck in the middle-income trap since 1995, only two years before the Asian Economic Crisis of 1997.2 The poor economic performance and decreasing competitiveness of the Thai economy prompt Thailand's policymakers to change or reform its development policies.Singapore's economy has grown 18.93 times over the past fifty years, while Thailand's economy has grown only 10.91 times.3 The critical development policies of Singapore for the past fifty years are export-led growth strategy, human capital development strategy, and research and development strategy.4 These three policies are fundamental in economic development and have also been adopted by the Thai government to mitigate the MIT.5This case study focuses only on Thai and Singaporean policymakers' past and present conduct and implementation of these three development policies under different assumptions, constraints, and situations. Thus, in the future, Thai policymakers can learn from Singapore's experience to adjust and fine-tune new economic development plans and implement them successfully by adopting the lessons learned from Singapore. |
