Despite its incredibly successful and resilient tourism sector, Thailand’s economy has been underperforming
Even as global trade and developed economies slow, Asia’s consumer markets are booming. China-centric manufacturing supply chains are being overhauled, and Thailand’s neighbors—Vietnam in particular—are jockeying to become stronger manufacturers. China’s Belt and Road Initiative , furthermore, is fostering the economic integration of the Mekong Delta region by promoting investment in the region’s transportation and logistics infrastructure.
Simultaneously, global manufacturing supply chains are shifting away from China in response to both the China-U.S. trade war and Beijing’s own Made in China 2025 program, which aims to make China’s technology among the best in the world. Equally important, China’s domestic demand is rapidly supplanting exports as a driver of growth and development.
Thailand is well-positioned to take advantage of these technology transfers. World Bank data show that Thailand’s labor force is the most highly educated in the Mekong region, and has one of the highest female labor participation rates in ASEAN. Thailand also has more science and engineering students as a proportion of tertiary graduates than India, Indonesia, Malaysia or Vietnam.
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