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World Bank lists steps for stalled Thailand to become high-income nation

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Maybe after a few samsara things may change a bit.. emphasis on the "may"..

 

Translation: Not in our lifetime..

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World Bank cuts Thailand 2020 GDP growth outlook to 2.7%

by Orathai Sriring

 

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FILE PHOTO: A girl walks past a Skytrain (Bangkok Mass Transit System) construction site in Bangkok, Thailand May 13, 2018. REUTERS/Soe Zeya Tun

 

BANGKOK (Reuters) - The World Bank on Friday cut its estimate for Thailand’s economic growth to 2.7% this year, but that is faster than last year’s pace as private consumption recovers and investment increases due to the launch of large infrastructure projects.

 

The bank had expected the economy to expand 2.9% this year in its economic report on Thailand in October.

 

It estimated 2019 growth at 2.5%, a five-year low, due to declining exports and weakness in domestic demand, it said in a statement. The economy expanded 4.1% in 2018.

 

Southeast Asia's second-largest economy is heavily reliant on exports, which have been hit by U.S.-Sino trade tension and a strong baht THB=TH, while investment has been sluggish.

 

“The recent growth slowdown has highlighted Thailand’s long-run structural constraints, with slowing investments and low productivity growth,” the bank said.

 

“If current trends continue, with no significant pick-up in investment and productivity growth, Thailand’s average annual growth rate will remain below 3%”.

 

To achieve its vision of being a high-income country by 2037, Thailand will need to sustain long-run growth rates of above 5%, which would require a productivity growth rate of 3% and increase investment to 40% of GDP, the bank said.

 

“Boosting productivity will be a critical part of Thailand’s long-term structural reform,” said Kiatipong Ariyapruchya, World Bank senior economist for Thailand.

 

Thailand’s government has responded swiftly to the growth slowdown through accommodative monetary policies and a fiscal stimulus package to boost economic growth, the bank said.

 

The World Bank recommends the Thai government consider policies to enhance the effectiveness of the stimulus by focusing on implementing major public investment projects and providing social protection coverage for vulnerable families.

 

Separately, Finance Minister Uttama Savanayana told reporters on Friday that the government will soon propose to the cabinet additional measures to spur investment, and will also front-load investment by state-owned firms.

 

The finance ministry is also considering extending an earlier measure aimed at boosting consumption, which is crucial to the economy amid a global economic slowdown, he said.

 

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-- © Copyright Reuters 2020-01-17

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1 hour ago, Samui Bodoh said:

Yes, real exams. It is such a ridiculous concept in the Kingdom that I should have been more clear.

 

Below is the UNESCO education summary for Thailand (2017/2018), and some of it is shocking. 

 

Note: "...At the end of lower secondary education, only 50% have a minimum proficiency level in reading and only 46% in mathematics..."

 

The future of economic growth in any country will be in having an educated workforce that can learn, adapt, and function without massive supervision; the days of unskilled workers being an integral element in society are coming to an end. Rather, unskilled labour will be a drag on economic potential in a country; the more unskilled labour that exists in a country, the worse off it will be with the proverbial 'lodestone' hanging around its neck.

 

A country, like Thailand, that doesn't have and won't have a workforce capable of learning and advancing will inevitably enter a period of decline. Long-term, massive, soul-sucking decline.

 

Period.

 

According to UNESCO’s 2017/8 Global Education Monitoring (GEM) Report, there remain substantial challenges to the quality of education in Thailand:

  • 99% complete primary education, but only 85% complete  lower secondary education.
  • 50% are not taught in the language spoken at home.
  • 12% do not achieve a minimum proficiency level in mathematics at the end of primary.
  • 62% of out of school lower secondary school adolescents are girls.
  • At the end of lower secondary education, only 50% have a minimum proficiency level in reading and only 46% in mathematics.
  • Only 45% of schools have basic sanitation facilities – only 60% have access to basic drinking water.
  • 80 of the poorest complete lower secondary education compared to 100 of the richest.
  • There are 3.9 million adults unable to read a simple sentence
  • A third of students aged 13 to 15 years experienced bullying between 2010 and 2015, and 29% experienced physical violence.

Hi,

 

Not disputing any of this - as I have no experience with the details of the Thai education system - I am curious regarding your experience - I assume you are teaching in the Kingdom? 

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15 hours ago, Chang_paarp said:

They all pass currently. How will this improve things? 

Oh wait a minute, do you mean real exams with independent markers?

No. They don't all pass. They are given a grade despite failing to achieve the required percentage pass mark.

Until that ceases and until Thailand recognises that, students will only improve if they really have to work hard and earn a true grade.

The exams they are set are not the problem. 

Marking exams are not the problem.

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