BCG Economic Model Survey Reveals Improved Living Standards and Decreased Inequality among Thai Citizens

     The National Statistical Office of Thailand has disclosed the results of a survey conducted to prepare preliminary statistical accounts on the BCG (Bioeconomy, Circular economy, and Green economy) model and the 13th National Economic and Social Development Plan, at both the national level and in two pioneering provinces, namely Chanthaburi and Ratchaburi. The survey found that the overall value of Thailand's BCG economy in 2018 decreased from 3.5 trillion baht to 2.6 trillion baht in 2021. Among Thais, 8.5 million people experienced an improved economic status, considering their annual income per capita exceeding 10,000 US dollars during 2019-2021, with inequality also decreasing.

      Concerning the average expenditure per person among the top 10% economically well-off population, compared to the monthly expenditure per person of the bottom 40% economically disadvantaged group, it decreased from 6.15 times in 2017 to 5.68 times in 2021. More than 600,000 people received BCG skills development training, while the survey pointed out areas for urgent development, such as reducing resource usage, increasing forest areas, reducing imports of technology and innovation, as well as health and medical products.

      At the provincial level, Chanthaburi has a 60% share of the BCG economy. The province's product development includes durian, mangosteen, and white shrimp. Ratchaburi, with a 30% share, also showed positive development trends. Its product development consists of aromatic coconut, durian, cassava, pigs, and giant river prawns.

      Both provinces have similar standout products, which constitute a significant proportion of the provincial product, such as durian, which makes up 70% of the GPP agricultural sector. However, there are challenges, such as reliance on export markets, particularly China, water management, and prevention of water disputes during the dry season.

Data updated on May 21, 2023
Source: National Science and Technology Development Agency (NSTDA)
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