OPINION

Path to economic progress: A tale of two nations

News, Published on 17/04/2020

» The present pandemic, which has generated concerns over Asean countries' economic sustainability and global food supplies, reminds us that Thailand and Vietnam are primarily agrarian societies, competing with each other as major rice-exporting countries. In the 1960s, both were classified as economically less developed countries before moving a notch higher to "developing countries". Presently, both countries are ranked as middle-income, although Thailand is slightly ahead since its advancement to the category's upper tier in 2011, while Vietnam has remained in the lower tier since 2013. It is expected that Thailand will not be able to progress much over the next 20 years, while Vietnam could achieve high-income status by 2045. Still, this relative decline is not inevitable.