Calls for structural reform and new engines of growth have been a constant refrain in Thailand this past year. The main task now is turning that rhetoric into a clear policy pathway.
“It’s my mission to turn Thailand’s K-Shaped recovery into a V-Shaped one,” says Finance Minister Ekniti Nitithanprapas on stage this morning at THE STANDARD Economic Forum on 4 November 2026, held under the overarching theme “Reinvent Thailand.”
In a K-shaped recovery, the wealthy will continue to see their wealth compound and grow, whilst the rest of the population remain stagnant. Tasked with matters of overhaul and reform, the Finance Minister has a two-part plan in the blueprint. At the heart of it all, he says, is bringing domestic value back into the country. The BOI would be tasked with bringing in new investments across high-growth values, and in tandem, Thai workers would reskill in order to cross over into modern, future-forward industries.
Three metrics will be used to measure success; investment value, skills development and local jobs for Thai workers.
We can already see the blueprint taking shape in this week’s headlines. The cabinet has approved raising the excise tax on fully imported EVs from 10 percent to 35 percent, a move meant to push automakers toward local manufacturing and bring more Thai parts and workers into the value chain.
Leveraging on momentum acquired during the 2026 IMF-World Bank Annual Meetings, Ekniti’s path towards Thailand’s economic growth and stability is to lean on the country’s role neutral role as a trusted connector, drawing in investments amid geopolitical uncertainty.
“Several key industries are ready for an upgrade, from agriculture moving into pet food to turning the medical expertise we built during the pandemic into wellness offerings.”
The key to growth will be championing seven key industries in tandem with the private sector, from new industries (AI, smart electronics and EVs) whilst also upgrading traditional and existing sectors, from food processing to wellness.
The Road Ahead
Thailand’s ambition is to move into the ranks of high-income countries. Currently, investment is currently at 22 percent of the country’s GDP, and the ambition is to raise this number to 37 percent alongside the goal to break into the global top 20 world competitiveness ranking.
These are ambitious targets, but the metrics offer a concrete pathway to work towards. Investments, a strong supplychain and private sector co-operation will be key in achieving such goals.
Private sector co-operation is key to success.
“This is Team Thailand coming together. I believe that if we keep coordinating like this, we can succeed. The World Bank meetings could never have gone this well without the private sector’s help and everyone pulling together. That’s what brought us to where we are today,”Ekniti says.
Ekniti leaned on the football analogy to provide a clearer picture.
“Think of it as a football team. The forwards each have their own target, in agriculture, in food processing. Tell me what you need. I’m the midfielder.”
At the forum, Ekniti also announced that the Ministry of Finance will be a prototype for reform. Unveiling an initiative under “STI DEE” which is poised to be formally launched next week, it will contain elements that cover fiscal strength, energy transition and investment. Meanwhile, the latter part will cover disclosure, releasing five years’ worth of procurement data from the Comptroller General’s Department.
The government is moving full steam ahead on growth, with Ekniti warning that this may be one of Thailand’s “last opportunities” to reach its economic ambitions. Tying investment to local jobs is the first step in moving Thailand toward a more efficient, future-ready economy. But the state can’t do it alone. High-income growth will depend on the private sector taking ownership and working alongside government.
