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BRIEFJanuary 16, 2023

Thailand and the World Bank Group Extend Partnership with Greater Focus on Climate Change, Digital Development and Rapid Aging

The World Bank Group has extended its Country Partnership Framework for Thailand for two more years and broadened its focus to help address the country’s emerging challenges and opportunities.

Through an extension of its current Country Partnership Framework until June 2024, the World Bank Group, will support the Thai government’s stronger focus on the Bio-Circular-Green (BCG) economic model, digital transformation, and the challenges of a rapidly aging society. The additional time will also allow for preparation of the next Country Partnership Framework as well as support Thailand’s new five-year 13th National Economic and Social Development Plan (2022-2027).

The pandemic caused a protracted downturn of the Thailand economy due to its position as a travel and tourism hub. Structural weaknesses, including a slowdown in productivity growth, a prevalence of informal, low-quality jobs, declining labor force participation, and a rapidly aging workforce, exacerbated the COVID-19 shock.

Endorsed in 2018, the Country Partnership Framework is anchored around a broad engagement on Thailand’s development path towards greater inclusion, resilience and competitiveness. Through the partnership framework, the World Bank Group aims to support Thailand improve its business environment, fiscal and economic management and strengthen the quality of infrastructure investments. It also aims to address climate change, promote higher quality of education, and support targeted policies and programs for inclusion of disadvantaged and vulnerable groups, including in the conflict-affected areas of southern Thailand.