Promising prospect seen for Thai economy

BANGKOK, July 2 (TNA) - The Switzerland-based World Economic Forum (WEF) now sees a more promising prospect for the Thai economy, thanks to the government's right track on the national development policy in various areas. Head of WEF for Asia and the Pacific Justin Wood made the remarks at the Government House in Bangkok on Monday while meeting with Thai Deputy Prime Minister Somkid Jatusripitak, who oversees economic affairs. Wood, who is visiting Thailand to gather updated information for the WEF's 2018 competitiveness survey of countries worldwide, acknowledged that the Thai government's focus on the development of innovations, as well as the digital and advanced technologies is in line with the new trend of the world economy. Thailand's competitiveness, based on the WEF's latest survey, has stood at the 32nd place, but has stood at the 27th position based on the latest survey of the International Institute for Management Development (IMD). The WEF's annual competitiveness report is normally publicly released worldwide in every September-October. According to the Thai deputy prime minister, the Thai government's national economic development is now mainly based on the country's new 20-year strategy, covering the Thailand 4.0 Policy and the promotion of 10 targeted innovative industries, as well as startups. "The 20-year national strategy, jointly worked out by the Thai government and the Office of the National Economic and Social Development Board (NESDB), is in accordance with the new global direction and updated factors used by the WEF for its annual ranking of worldwide countries' competitiveness", said the deputy prime minister. Meanwhile, Industry Minister Uttama Savanayana and Minister of Digital Economy and Society Pichet Durongkaveroj wil represent the Thai government to attend the WEF on ASEAN 2018 in Hanoi, Vietnam's capital, during July 11-13 when they will also present the Thailand 4.0 Policy and the People's Policy to international delegations, while a WEF grand seminar is expected to be held in Thailand either in 2019 or in 2020, during which international investors will invited to expand their investment projects in the Thai economy. (TNA)