Eleven years ago this month, Thailand made a laudable achievement by moving from the category of a lower middle-income country to an upper-middle-income country.
To many, that progression was taken as an assurance that Thailand, in just a matter of time, would be on its way up to the status of a high-income country. This optimism was based on the impressive performance of the Thai economy from 1952 to 2010, a period during which the country enjoyed average GDP growth of 6.2% per annum.
