The potential growth rate of the economy is 4-5%, says Finance Minister Arkhom Termpittayapaisith.
Among the factors that will determine more robust sustainable growth is increasing productivity by reskilling and upskilling workers, Mr Arkhom said yesterday at a seminar called "The NEXT Thailand's Future", co-hosted by Krungthai Bank and iBusiness of Manager Group.
The ministry projects economic growth of 3-4% this year, with average growth of 3.8%.
The group may revise its 2023 growth forecast after first-quarter figures are revealed.
The country should promote sustainable growth by keeping the inflation rate, foreign reserves and public debt at appropriate levels, he said.
The current ratio of public debt to GDP is 61.3%, still lower than the ceiling of 70%, while foreign reserves tally US$200 billion.
Mr Arkhom said Thailand's inflation rate is gradually slowing down, which he attributed to government subsidies for energy prices.
Earlier this week Wichanun Niwatjinda, deputy director-general of the Trade Policy and Strategy Office, said headline inflation is expected to decelerate this month after growing during January and February.
The main contributors should be lower prices for fresh food and fuel as global market prices declined last year, in addition to a high price base in March.
The Commerce Ministry on Tuesday reported headline inflation, gauged by the consumer price index, was 3.79% year-on-year in February, decelerating for the second month and the lowest rate in 13 months, following 5.02% in January and 5.89% in December 2022.
Mr Arkhom said the Finance Ministry was considering a measure to encourage the employment of people age 60 and older as Thailand becomes an ageing society earlier than expected.
Speaking at the seminar, Danucha Pichayanan, secretary-general of the National Economic and Social Development Council, said the global economy would likely slow this year.
The US economy shows signs of easing following expansion of 0.9% in the fourth quarter last year, down from 1.9% growth in the third quarter.
Mr Danucha projects a 1.6% contraction for Thai exports this year, down from growth of 5.5% last year. The sector accounts for 60% of GDP.
"One challenge this year is to push export growth. We have to seek ways to expand export markets and reduce costs to bolster our competitiveness in the global market," he said.
Sanan Angubolkul, chairman of the Thai Chamber of Commerce, said the chamber wants accelerated e-government initiatives to reduce costs and enhance competitiveness, as well as development of small and medium-sized enterprises (SMEs) as the backbone of the country, providing them with access to funding and improving their abilities.
"Thailand still relies on other countries for exports, tourism and foreign investment. This requires the cooperation of all sectors, including the public," said Mr Sanan.
"Foreign investment, especially in technology, will help improve the skills of our people and benefit the property business. We also need to promote entrepreneurs to be more creative in developing their provinces and competing globally."
Regarding the long-term national development plan, he said he believes the strategy is sound, but there are still problems with implementation.
"There must be unity and cooperation between the government, the private sector, the public and civil society. It is time to turn words into action," he said.
