Digital boom: Thailand’s tech economy set for electrifying growth
Thailand’s digital economy is poised to skyrocket this year, with GDP expected to rise by a staggering 7.3% to hit 4.85 trillion baht, according to the Digital Economy and Society (DES) Ministry. This digital surge far exceeds the national GDP growth rate, sitting at 2.8%, totalling 19.2 trillion baht.
Digital investment is also on a meteoric rise, predicted to grow by 9.9%, more than twice the national investment rate. DES Minister Prasert Jantararuangtong revealed the government’s ambitious plans to boost competitiveness through digital advancements, prioritising cloud services, data centres, and cutting-edge technologies.
The global scene shows a predicted economic growth of 3.3%, with government-led digital investment climbing by 5% and private sector ventures soaring by 10.3%. This uptick is driven by foreign investments in digital spheres like cloud services, AI, and the government’s cloud-first policy.
Thailand’s embrace of digital payments is also on the rise, with both locals and tourists tapping into the tech trend. However, challenges loom, including political instability, global trade hurdles, and regional competition for digital dominance.
Wetang Phuangsup, Secretary General of the National Digital Economy and Society Commission, heralds the rapid expansion as a backbone for the national economy, aided by policies attracting foreign investment into digital infrastructure.
Private digital consumption is set to leap by 7.6%, surpassing the general consumption increase of 3.3%, as Thai consumers flock to digital platforms. Government digital consumption is predicted to increase by 4.3%, fuelled by innovations in management and online services.
In the foreign trade sector, export growth of digital goods and services is anticipated at 5.5%, spurred by demand for electronics, burgeoning electric vehicle production, digital service adoption, and AI integration, reported Bangkok Post.
The use of online platforms by international tourists for booking accommodations and services further bolsters this optimistic outlook.
In other news, Prasert revealed that since the Government of Thailand cut power to border areas near Myanmar on February 5, there has been a significant drop in cybercrime activity, with call scams taking the biggest hit.,
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