Over the years, Thailand has crafted several economic models that brought the country to its present economic status. Thailand 1.0 focused on the development of the agricultural sector. Thailand 2.0 promoted light industries that use natural resources and provided cheap labor. Thailand 3.0 focused on bringing in more foreign investments to various industries, which made Thailand a manufacturing center for export products. While under the Thailand 3.0, the country expanded its base for middle-income earners, it also created the middle-income trap, increasing income inequality, thus creating imbalance.
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