Thailand’s economy is falling behind its Southeast Asian peers Philippines, Vietnam, Indonesia amid growing middle-income trap fears

Thailand’s economy grew just 1.9 percent last year, according to state economic planners, compared with growth of 5 percent or higher in the Philippines, Indonesia and Vietnam.

Even neighbouring Malaysia, a significantly more developed economy with lower expectations for growth, registered a 3.7 percent expansion.

Thai Prime Minister Srettha Thavisin, who came to office in August after nearly a decade of military rule, has declared the economic situation a “crisis”.

Critics say that Thailand’s military leaders for years turned off global investors, became too reliant on China’s economic rise and squandered the potential of young Thais by neglecting to fund an education system capable of producing a workforce suited to the digital era.