As Thailand steers towards high-income status by 2037, a formidable obstacle looms large: rampant flooding wreaking havoc on its economy.
In an exclusive interview with Thai PBS World, the World Bank unveils a groundbreaking strategy to expedite flood management, potentially transforming Thailand’s economic landscape. Read on to discover the game-changing insights and bold plans set to redefine Thailand’s future.
Amid Thailand’s quest for economic supremacy, the partnership between the Thai government and the World Bank emerges as a beacon of hope. World Bank Vice President for East Asia and Pacific, Manuela V. Ferro, stated the following.
“Thailand’s government is implementing a huge, complex, and ambitious project to manage flooding, which requires resources and know-how. The World Bank is ready to help and support Thailand’s government to complete this project.”
Ferro underscored Thailand’s vulnerability to natural disasters, citing devastating floods that marred its economic prowess. The 2011 deluge alone cost the nation a staggering US$46.5 billion (approximately 1 trillion baht), equivalent to 12.6% of GDP. Urgent action is imperative to shield millions from peril and fortify the nation’s competitive edge.
However, the road to economic rejuvenation isn’t devoid of challenges. Prime Minister Srettha’s much-touted digital wallet scheme, aimed at revitalising the economy, garners mixed reviews. While offering short-term relief, experts caution against its efficacy in fostering long-term development.
Ferro advocates for strategic investments in education and skilled labour, pivotal for Thailand’s resurgence amidst the global supply chain reset.
“Thailand can offer a better business environment.”
Ferro stressed the need for a skilled workforce to ascend the value chain, reported Thai PBS World.
In the wake of pandemic-induced stagnation, Thailand’s economic future hangs in the balance. Yet, optimism abounds as the World Bank pledges unwavering support for infrastructural projects and flood management, propelling Thailand towards prosperity.
In related news, When the heavens opened over Sri Racha in Chon Buri province, it brought with it two hours of relentless downpour last Tuesday, March 19. This torrential rainfall was the catalyst for a series of flash floods that wreaked havoc across the district.
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