Can Thailand reach a High Income Goal?

[Doodoo]

https://www.facebook.com/reel/1198842322080762

Is it an attainable goal and does Thailand want this?

[anefarious1]

Not unless young people turn off their phones and embrace the real world.

[tamada]

Not unless young people turn off their phones and embrace the real world.

By "young people", do you mean the under-fifties?

[FrazeeDK]

I think to meet "high income" standards would require an economy that is both high tech and heavy industry. They've got to get the various industrial estates built around the country (Udon having a large one in development) to get factories in to provide the higher income salaries and benefits. But, as long as the Thai government and the industry owners see the adjacent countries as deep wells of cheap labor, that is an impediment too. Did you know, As of late 2023, there were an estimated 4.1 million Myanmar nationals in Thailand, with about 2.3 million being registered migrant workers. This total includes both officially registered and unregistered or irregular migrants, with the total number estimated to be higher than official figures. Now, that's the biggest segment of cheap labor, with Cambodians likely 2nd although the border tiff pushed a lot of them back to their home country. The Lao are 3rd but can easily blend into the society, particularly up here in Issan..

so, given what I've laid out.. Nah, it ain't gonna happen any time soon..

[rick]

10 to15 years? Depends what they mean by high income, but with say 10 million pensioners, many of which currently survive on under 1,000 baht a month, would have to be accomodated by a massively enhanced state pension, also what about the millions of rural small farmers?
With higher wages, the cost of living will rise dramactically. No longer cheap food, this could devastate,agricultural exports. The UK is a high wage country, but half the population cannot afford to buy a house or start a family.

[Doodoo]

Rick " half the population cannot afford to buy a house or start a family."
No different here in Thailand Many cannot eat, get medical, dentistry, have a decent education, etc
If wages increased then other countries would have to raise their wages, example, Qatar, Saudi etc from $10USD a day Singapore $46,200 a year, Philippines $780USD per month etc

But all have Phones, bikes whiskey, beer etc

Where to start and where to end?

[rick]

Yes, poverty exists in Thailand. Paying people more will not in it self prevent it. Currently it is possible to survive on 3,000 baht a month for some time - if you live in a family house in rural Thailand, grow a few vegetables and forage, you can live on less. As about 40% of Thais are not in salaried employment, all they have to look forward too if they have to stop work is 700 baht a month state pension and charity. In 10 years time, many will still be here, assuming they haven't starved.

With smaller families, many retirees will struggle to survive, unless welfare benefits are dramatically increased. If wages rise dramatically, so will prices, and employers can just decamp to somewhere cheaper. Higher wages will demand higher productivity; but if you produce more, you need to find someone to buy it. One problem is the world is flooded with produce, a lot of it we do not need, like fast fashion that ends up being dumped as waste.

Society needs a rethink.

[FrazeeDK]

Thailand contemplating raising the retirement age to 65?

I mentioned the huge number of legal and illegal migrants in Thailand. One thing about Burmese, Cambodians or Lao is that over time they could likely be assimilated into being Thais. That could alleviate the aging demographics...


https://www.bangkokpost.com/business/ge ... nd-eyes-65

[glalt]

https://www.facebook.com/reel/1198842322080762

Is it an attainable goal and does Thailand want this?

The subsistence farmers of Issan will never become rich. Of course they would like to have more money but they have plenty to eat and simple shelter. They have lived this was for generations and will never change. A few escape to the cities but most stay in the boonies. My wife's parents raised five daughters farming 17 rai and they never went hungry. When they retired, they gave each daughter 3 rai and kept 2 rai. The daughters each give the parents 500 baht per month. The mother passed away a year or so ago and since I have a large game room the father lives there and the daughters and nieces each help to take care of the feeble 91 yer old man.

[glalt]

https://www.facebook.com/reel/1198842322080762

Is it an attainable goal and does Thailand want this?

The subsistence farmers of Issan will never become rich. Of course they would like to have more money but they have plenty to eat and simple shelter. They have lived this was for generations and will never change. A few escape to the cities but most stay in the boonies. My wife's parents raised five daughters farming 17 rai and they never went hungry. When they retired, they gave each daughter 3 rai and kept 2 rai. The daughters each give the parents 500 baht per month. The mother passed away a year or so ago and since I have a large game room the father lives there and the daughters and nieces each help to take care of the feeble 91 year old man.