Thailand still caught in a middle-income trap

Its GDP must rise 177% to overcome the hurdle.

Here's more from Maybank Kim Eng:

According to a source at the Finance Ministry, per capita income in Thailand is USD4,000-5,000 (THB118,960–THB148,700). The National Economic and Social Development Board (NESDB) forecast that Thailand could take 10-15 years to break out of its middle-income trap.

Too early to focus about discretionary spending plays. To cross the middle income limit, the average per capital GDP for Thailand has to rise 177%. This is a very big hurdle, in our view, thus it is far too early to play the discretionary spending aspect of the story. The per capita income does not equate disposable income. There also appears stickiness in wages especially in the private sector.

The World Bank defines a middle income economy as a country with a per capita GDP of USD1,026-USD12,475 (THB30,513-THB371,006).