The objective of the Bank of Thailand (BOT)’s 2017-2019 strategic plan was to lay the foundation for an economic and financial system that would help promote stability along with sustained and inclusive growth of the Thai economy as well as to support a transition into the digital economy in the volatile, uncertain, complex, and ambiguous (VUCA) environment.
Looking over the next three to five years, the BOT envisages that the Thai economy will face an increasingly VUCA or the so-called VUCA+ environment whereby disruptive technology will become a key driving force for rapid changes in people lifestyles, business models, financial services and economic systems. Democratization will prevail as the economic and social structure is likely to be more decentralized, marginalizing the role of central authority or public agencies. Moreover, household debt, aging society, political pressure towards populist policies, and geopolitical risks will be presenting structural challenges to Thailand’s competitiveness and inequality problems going forward.
In this VUCA+ environment, the new BOT’s three-year strategic plan (2020-2022) carries the theme of “Central Bank in a Transformative World”. The aim is to navigate the BOT’s operations in a rapidly changing environment and to strengthen the resiliency of Thailand’s financial and economic system to meet the upcoming challenges as well as to help promote an inclusive and sustainable growth of the Thai economy.
Previous BOT's strategic plan