Bangkok Bank Executive Chairman Kosit Panpiemras urged Thailand focus more on expanding the middle class base as a means to help steer economic and social development.
Speaking at the annual conference of the National Economic and Social Development Board (NESDB) today, he said that the 11th development plan, to be implemented during 2012-2016, should take into consideration the development in the past 15 years. Though Thailand showed advancement in the period, but it was of low quality which led to the crisis. To allow quality development, he suggested that it could be done through the larger base of middle-class population.
"In looking forward, we need to look back. In the past 15 years, we fell under two major crises - the Tom Yam Kung crisis and the political crisis which is ongoing. From my understanding, they stemmed from the country's low-quality development. Quality could be driven by middle-class population," he said.
He noted that aside from the small middle-class base, most of them are concentrated in Bangkok. For good opportunities, provincial people are convinced that they must head to Bangkok.