Other indices, such as the GDP per capita or the competitiveness of an economy, are equally important, he said.
Mr Prasarn was speaking last week at a seminar on how well Thailand’s GDP reflects the country’s economic progress.
He emphasised that GDP was indicative of growth but not necessarily of economic robustness. The central bank governor added that there were other factors, such as economic balance or stability, progressive growth rate suitable for higher competitiveness and the quality of life, to be taken into account when determining the strength of an economy.
The governor stated further that other indicators of real economic progress included the GDP per capita and the country’s competitiveness. At present, Thailand ranks 90th and 30th in terms of per capita GDP and competitiveness, according to the Global Competitiveness Report.
Mr Prasarn said that a final factor that could indicate Thailand’s economic strength was the people’s well being; people should benefit from economic growth and the cost of living should not be too high.
In addition, they should have equal access to basic infrastructure, otherwise the disparity between rich and poor could result in social and political problems.