[International] Thailand to Host IMF-World Bank Annual Meeting, Aiming to Attract Investment and Boost GDP Growth Above 3%

The Thai-Thai Times reported today (28th) that Thailand will host the annual meeting of the International Monetary Fund (IMF) and the World Bank Group in Bangkok from October 12th to 18th. Approximately 15,000 finance ministers, central bank governors, international organization leaders, scholars, and senior business executives from various countries are expected to attend. The Thai government hopes not only to play the role of host but also to leverage the gathering of global political and economic figures in Bangkok to attract foreign direct investment, promote structural reforms, and position Thailand as a "trusted connector" in the global supply chain restructuring. Santitarn Sathirathai, a deputy minister-level official at the Thai Ministry of Finance, stated that Thailand hopes to move beyond being just a host country to become a co-shaper of global issues, particularly by participating in international discussions on behalf of emerging markets and small open economies. This year's meeting will focus on four major structural changes: geoeconomic fragmentation, smart and digital economies, climate adaptation, and aging societies. The government has also set three specific economic goals: increasing Thailand's structural potential GDP growth rate from the current approximately 2.7% to over 3%; advancing the IMD World Competitiveness Ranking from 26th to the top 20 globally; and raising the investment-to-GDP ratio from about 23% to 30%. Concurrently, it targets seven key industries, including advanced electronics, future automotive, as well as agriculture, food, retail, and tourism, hoping that the benefits of new investments will not be concentrated solely in high-tech industries. The World Bank, however, cautioned that Thailand's real challenge is not a lack of strategy but its ability to implement policy blueprints. Furthermore, talent is a major bottleneck. The World Bank pointed out that about three-quarters of Thailand's working-age population still lacks basic digital skills; only about 6% of agricultural land uses precision farming techniques, with average productivity being about half of the regional average. If digital service skills can be effectively enhanced, it is estimated that an additional $1.8 billion in venture capital could be attracted. The World Bank emphasized that Thailand can no longer rely on low wages to attract international investment. Future investment will place greater importance on regulatory transparency, skilled talent, sustainability standards, and the credibility of policy execution. The government also aims to link investments in new industries such as data centers and advanced electronics with local small and medium-sized enterprises, workers, and communities, to prevent situations where economic and export data grow while actual benefits do not reach the local economy. This year's annual meeting will also focus on mobilizing private capital for emerging market infrastructure and green projects, the global employment gap, and data governance and artificial intelligence regulations. Thailand is also preparing to sign a "Digital Compact" with the World Bank Group to establish a clearer development direction for digital services and AI infrastructure. (Editor: Song Wanyuan)