Yahoo! Finance names Thailand 10th most advanced country in Asia
Thailand was ranked No 10 in the latest list of 12 most advanced countries in Asia compiled by Yahoo! Finance recently.
The country earned a score of 0.80 on the Human Development Index Score, which considered per capita GDP, research and development (R&D) and the presence of large multinationals.
“Thailand has an outstanding service sector accounting for 58.3% of Thailand’s GDP in 2020,” government spokesman Anucha Burapachaisri said on Monday citing the report.
“Thailand’s industrial manufacturing output in 2021 rose by 7.31% from the previous year, generating a total revenue of US$137 billion [4.7 trillion baht]."
Thailand's human development score for 2021-2022 was very high at 0.80, and the country spent 1.14% of its GDP on research and development in 2020.
Anucha said the 21st century is considered the Asian century because economic growth in the West is slowing down.
Business consulting firm McKinsey & Company estimates that Asia could account for more than 50% of the global GDP by 2040, with Asian consumers driving 40% of the world’s consumption.
"On the corporate side, Asian companies are adding an average of $19 trillion [652.58 trillion baht] to the global economy every year," he said, adding that technology in Asia is also highly developed.
"Government and private sectors are working to enhance the potential of organisations and personnel to cope with changes," he said.
He said the government plans to boost the potential of all sectors in order to push Thailand towards sustainability, such as boosting investment potential and bringing research and development knowledge from overseas.
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