Small cities can help promote Thailand"s growth

October 16, 2023 | 16:40

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Cities in Thailand outside Bangkok can accelerate the country's growth but will need to find ways to access private capital to improve urban infrastructure, according to a study by the World Bank (WB).

Small cities can help promote Thailand"s growth | World | Vietnam+ (VietnamPlus)

illustration photo/ Source: freepik.com

Bangkok - Cities in Thailand outside Bangkok can accelerate the country's growth but will need to find ways to access private capital to improve urban infrastructure, according to a study by the World Bank (WB).

Titled "Thailand Urban Infrastructure Finance Assessment", the study said Bangkok has long been the country's hub of economic growth and productivity. But as that growth slows, cities such as Chiang Mai, Khon Kaen and Rayong could pick up the baton with investments in mass transit systems, renewable energy and other urban infrastructure, which will be critical for the country's competitiveness and ability to adapt to a changing climate.

However, to fund these investments, cities cannot rely solely on the central government's budget, and should consider municipal borrowing and public-private partnerships, noted the report.

The WB said urban growth will provide benefits to city and country populations alike through more reliable transport, electrification and access to markets, education and health services.

It will enable people, goods and services to move efficiently within and across cities to promote growth, jobs and improve the quality of life, the bank added.

Patricia Mongkhonvanit, Director-General of the Public Debt Management Office at the Thai Ministry of Finance, said secondary cities can drive growth and alleviate rural poverty by generating accessible opportunities for those living in rural areas.

The Ministry of Finance will leverage the insights and findings presented in the study to support urban growth in these cities to meet the needs of the residents, businesses and industries, she said.

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By VNA

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