The World Bank revealed that digital and disruptive technologies and the development of a circular economy could generate up to US$3.4 billion for Thailand in the form of investment, savings and additional income.
Quoting Reuters on Tuesday (22/2), the World Bank added in a statement that Thailand, with an economy worth US$544 billion before the pandemic hit, needs an innovation-based growth model and to overcome existing foreign investment constraints to create better jobs. and become a high-income country.
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According to the World Bank, adopting a circular economy, which involves producing, leasing, repairing, upgrading and recycling as much as possible, could result in US$1.6 billion in cost savings and additional revenue for the private sector, particularly for agriculture, construction and electronics.
An additional US$1.8 billion per year could be generated from accelerated use of digital technology, he added, largely from new investment and expansion of sectors where Thailand is well positioned, such as e-commerce and fintech.
"With Covid-19, digital technology and disruption have become key in keeping businesses afloat," Thai Finance Minister Arkhom Termpittayapaisith was quoted as saying in a World Bank statement.
The tourism and consumption-driven economy, Southeast Asia's second largest after Indonesia, grew 1.6% last year, one of the slowest in the region, and the government expects 3.5-4.5% growth this year.
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The World Bank added that strengthening structural reforms would boost business and encourage investment in digital innovation and circular technology.
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