IMF and Cormann highlight stalled income convergence in Thailand
What happened
Mathias Cormann, OECD Secretary-General, highlighted stalled income convergence during a joint meeting with the International Monetary Fund in Thailand. The discussion took place at Future-Ready Economy 2026, which was held alongside the International Monetary Fund and World Bank annual meetings. Thailand is considering a national productivity council and reforms because slowing productivity growth threatens its ambition to become a high-income country by 2037.
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Why it matters
The event underscores that Thailand’s annual productivity growth has slowed to 1.7% since 2020, a decline from 4.8% in the early 2000s. Weak productivity growth has constrained Thailand’s economic expansion over the past decade. The International Monetary Fund and World Bank coordinate on global financial reforms and assess economic risks.
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Who's involved
- Mathias CormannOECD Secretary-General who highlighted stalled income convergence
- International Monetary FundInternational financial institution that participated in the joint meeting
- ThailandCountry considering national productivity council reforms due to slowing growth
- World BankInternational financial institution that held annual meetings alongside the IMF
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The entities involved
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Mathias Cormann
Australian politician
Nothing else this week.
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International Monetary Fund
international financial institution