What is Thailand 4.0?
Source: Thailand 4.0 Resource Center
Thailand 4.0 is an economic model that aims to unlock the country from several economic challenges resulting from past economic development models which place emphasis on agriculture (Thailand 1.0), light industry (Thailand 2.0), and advanced industry (Thailand 3.0). These challenges include “a middle income trap”, “an inequality trap”, and “an imbalanced trap”.
Thailand 4.0 will overcome these traps through the use of “New Growth Engines” by;
1) building economic prosperity through innovation, knowledge, technology and creativity “competitive growth engine” to unlock from middle income trap
2) building social security through equitable distribution of income, opportunity and wealth (inclusive growth engine) with the principle of “moving forward together without leaving anyone behind” to unlock from inequality trap, and
3) creating sustainability through environmentally friendly development (Green Growth Engine) to unlock from imbalance trap. The model follows the directions of the 20 years national strategic plan by building strength from within and connecting the country to the global community under the principle of “Sufficiency Philosophy”, which is consistent with the United Nations’ Sustainable Development Goals.
Four Objectives of Thailand 4.0
1. Economic Prosperity: to create a value-based economy that is driven by innovation, technology and creativity. The model aims to increase Research and Development (“R&D”) expenditure to 4% of GDP, increase economic growth rate to full capacity rate of 5-6% within 5 years, and increase national income per capita from 5,470 USD in 2014 to 15,000 USD by 2032.
2. Social Well-being: to create a society that moves forward without leaving anyone behind (inclusive society) through realization of the full potential of all members of society. The goals are to reduce social disparity from 0.465 in 2013 to 0.36 in 2032, completely transform to social welfare system within 20 years and develop at least 20,000 households into “Smart Farmers” within 5 years.
3. Raising Human Values: to transform Thais into “Competent human beings in the 21sth Century” and “Thais 4.0 in the first world. Measures under Thailand 4.0 will raise Thailand HDI from 0.722 to 0.8 or the top 50 countries within 10 years, ensure that at least 5 Thai universities are ranked amongst the world’s top 100 higher education institution within 20 years.
4. Environmental Protection: to become a livable society that possesses an economic system capable of adjusting to climate change and low carbon society. The targets are to develop at least 10 cities into the world’s most livable cities, reduce terrorism risk, and increase the proportion