The 12th National Economic and Social Development Plan (2017-21) has set targets of 5% annual GDP growth and per capita income of US$8,200 (286,500 baht), up from $6,000 now.
Porametee Vimolsiri, secretary-general of the National Economic and Social Development Board (NESDB), said the 12th plan will focus mainly on strengthening Thailand's competitiveness, reducing income inequality and creating a safety net for an ageing population.
The development plan involves 10 strategies, including human resource development and attempts to narrow income disparity, preservation of national resources, good governance in both the public and private sectors to create more transparency, development of high technology and innovation, and promotion of research and development in the agricultural and industrial sectors.
The plan also calls for infrastructure and logistics development, urban expansion and special economic zones, and greater connectivity and cooperation with neighbouring countries.
After its launch on Oct 1, the 12th plan will run in tandem with the 20-year National Strategy, a larger framework for Thailand's development.
The 20-year strategy covers security, the economy, social issues, laws and foreign affairs.
The national strategy plan will be based on the government's reform policies and reform proposals from the National Reform Council and the National Council for Peace and Order.
Mr Porametee said the 12th plan aims to raise Thailand's world competitiveness ranking to 25th, with export growth averaging 4% and tourism revenue of 3 trillion baht a year.
Thailand's ranking on the International Institute for Management Development (IMD) world competitiveness index has risen two notches this year to 28th thanks to improvements in key criteria such as political stability and policy flexibility.
Thailand's competitiveness ranking in 2015 dropped to 30th out of 61 countries, down from 29th in 2014 and 27th in 2013.
Deputy Prime Minister Somkid Jatusripitak said recently that the government hoped the ranking would improve next year and beyond, given the exhaustive efforts made to address weaknesses.
The government has implemented myriad policies to stimulate economic growth and tackle what are deemed obstacles for doing businesses, he added.