How Big Is the Gap? A Clear Comparison of Per Capita Income in Thailand vs. ASEAN Nations as Thailand Remains Trapped in the Middle-Income Bracket

Although the Thai government under Prime Minister Anutin Charnvirakul has announced the "Thailand 10 Plus" policy aiming to revive and stimulate the economy, reduce household debt burdens, and increase income for Thai citizens,

reports from the IMF (International Monetary Fund) and OECD (Organisation for Economic Co-operation and Development) clearly indicate that Thailand needs measures beyond general consumption stimulus.

This is because Thailand is facing intense structural decline (Structural Fatigue) and is firmly trapped in the middle-income trap, amid household debt storms and a demographic crisis arriving faster than anticipated.

Thairath Money reviewed 2025 per capita GDP data of ASEAN member countries via the IMF Data Mapper and found Singapore maintains its position as the economic leader, far surpassing both regional and global averages.

Singapore's per capita income stands at $99,370 per year (approximately 3,205,484 baht), reflecting not only wealth but also symbolizing the transition to an economy driven by advanced technology and comprehensive global financial services.

Compared to the global average of $14,710, Singapore’s income is 6.75 times higher, and when compared to the lowest per capita income country in the region, Timor-Leste ($1,460), the gap is as wide as 68.06 times.

These figures serve as a key indicator that ASEAN is not a unified economic market but rather a group of countries with severe structural disparities.

Among ASEAN nations, only three countries—Singapore, Brunei, and Malaysia—have income levels that meet or closely approach global standards.

Meanwhile, Thailand and the other countries have per capita incomes less than half the global average, signaling deeply rooted inequality and wealth concentration in nations equipped with strong policies and innovation.

Thailand's Middle-Income Trap from Which It Has Yet to Escape

From the data, while Singapore surges forward, Thailand remains significantly trapped in the "middle-income trap." Thailand’s per capita income in 2025 is $8,060 (about 260,000 baht), only a slight increase from $7,240 in 2021.

This slow growth reflects a "below expectations" recovery after the pandemic crisis and indicates that the traditional economic model focusing on contract manufacturing and tourism is reaching saturation.

The gap between Thailand’s per capita income and the global average shows that Thai citizens earn less than half (approximately 55%) of the international standard annually, directly affecting purchasing power and long-term quality of life.

Furthermore, the IMF estimates Thailand’s real GDP growth in 2026 at just 1.5% (down from 1.6%), the lowest among the ASEAN-5 group, clearly reflecting pronounced structural fatigue.

Factors restraining Thailand’s economy include multiple dimensions such as...

• Household debt remains the most worrying risk to financial stability. Data shows household debt surged to 86.72% of GDP during 2023-2025, and when combined with non-financial corporate debt at 91.3%, it paints a picture of a society burdened by interest payments.
• Liquidity is tight. According to Krungsri Bank, Thai families earning less than 20,000 baht per month—nearly half the population—have continuously declining savings and assets due to income growth failing to keep pace with living costs.
• Business sector constraints include rising non-performing loans (NPLs) in SMEs, especially among small businesses facing liquidity shortages and limited access to new funding, leading to a sustained decline in private investment.
• Thailand is among the fastest aging emerging economies worldwide.
• This results in a shrinking workforce and reduced productivity.
• The increasing burden on state welfare from rising healthcare and pension costs will heavily strain the government budget over the next decade, while the tax base from labor income shrinks.
• A lack of readiness in AI and technology is creating a labor skills gap.

Ultimately, 2025 per capita income data not only ranks national wealth but also reflects "wounds" and serves as a signal for countries to urgently address problems and develop their economies to secure citizens’ incomes, thereby boosting purchasing power and future economic growth.

Source: IMF

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