Thailand and ADB
In the Spotlight
ADB Chief Economist Shang-Jin Wei discusses the impact of this week's decision by the People’s Bank of China to loosen the renminbi exchange rate.
More than 68 million tons of cargo crossed Asian borders between 2011 and 2014 thanks to better regional connectivity. Sanguan Sonklinsakul of Thailand’s Chiang Rai Chamber of Commerce says trade with neighboring countries has increased markedly due to the many news roads in the Greater Mekong Subregion.
Government ministers and senior officials attending the Greater Mekong Subregion (GMS) Seventh Economic Corridors Forum agreed on measures to promote the development of economic corridors, facilitate cross-border transport and trade, and enhance cooperation and private sector participation.
ADB has signed an agreement to provide a local currency loan of up to B1,807 million ($55 million) and $30 million from the ADB-administered Clean Technology Fund to Chaiyaphum Wind Farm Company Limited to develop an 81-megawatt wind power plant in Thailand.
A modern highway and bridge connecting three countries in the Greater Mekong Subregion are reviving an ancient trade route and bringing new life to local communities.
With its strategic geopolitical position and significance as the second largest economy in the Association of Southeast Asian Nations (ASEAN), Thailand plays a major role in promoting regional cooperation and integration. Having attained upper middleincome status, the country aspires to reach higher-income status within the next 2 decades.
However, since the late 1990s, economic growth in Thailand has been impeded by global economic shocks, natural disasters, sociopolitical tensions, and relatively low investment. Other challenges to growth have included persistent inequality, environmental degradation, and an aging population.
The ADB country partnership strategy, 2013-2016 for Thailand provides the flexibility to respond to the country’s needs and priorities by blending sovereign and nonsovereign support.