tengoku
The Phuket News Novosti Phuket Khao Phuket

Login | Create Account | Search


World Bank says digital and circular economy can benefit Thailand

World Bank says digital and circular economy can benefit Thailand

BANGKOK: The World Bank has said digital and disruptive technologies, along with the development of a circular economy, can earn Thailand up to US$3.4 billion (B110bn) each year in additional investments, savings and revenue.

economicstechnologytourism
By National News Bureau of Thailand

Thursday 24 February 2022, 12:35PM


Photo: NNT

Photo: NNT

The financial institution said in a statement that Thailand, a $544bn economy before the pandemic hit, needs an innovation-led growth model. It added that the Kingdom needs to address existing foreign investment constraints in order to create better jobs and become a high-income nation, reports NNT.

The bank said adopting a circular economy, which involves producing, leasing, repairing, upgrading and recycling as much as possible, could generate as much as $1.6bn of cost savings and additional revenue for the private sector, especially for agriculture, construction and electronics.

It added that an additional $1.8bn a year could meanwhile be generated from accelerating use of digital technology, mostly from new investments and expansion of sectors where Thailand is well-positioned, such as e-commerce and fintech.

Finance Minister Arkhom Termpittayapaisith said, “With COVID-19, digital and disruptive technologies have been key in keeping businesses afloat.”

The tourism- and consumption-led economy, Southeast Asia’s second biggest after Indonesia, grew 1.6% in 2021, with the government predicting growth of 3.5-4.5% this year.

The World Bank added that strengthening structural reforms will boost businesses and promote investments in digital innovation and circular technology.

Comment on this story

* Please login to comment. If you do not have an account please register below by simply entering a username, password and email address. You can still leave your comment below at the same time.

CAPTCHA

Be the first to comment.

 

Have a news tip-off? Click here

 

Phuket community
Govt mulls ending Thai Pass

No hassle with TP did mine for return trip early June. Took 2 hours to get approval a nuisance but ...(Read More)


Chulu West climb for Soi Dog aborted by snowstorm

If they had put all the money they spent on the trip itself the dogs would have themselves a right g...(Read More)


‘Now it’s for real’: Ukraine war puts Sweden’s military on alert

@Kurt Please turn on the "Spell Check" on your computer....(Read More)


Govt mulls ending Thai Pass

@Kurt Why should they keep the Thailand Pass for Thai's ? Thai's don't need an insuran...(Read More)


Phuket readies for another food festival, with hemp on the menu

Oh dear Kurt ! Does it really matter how they call it ? Btw, as they don't do it on a regular ba...(Read More)


Two cops sidelined after teens assaulted

Typical police brutality. Worldwide. ACAB !...(Read More)


Two cops sidelined after teens assaulted

My BS radar just went off. Three innocent teens just out for a little fun late at night? Armed? Nee...(Read More)


Govt mulls ending Thai Pass

Mr Anutin's prejudiced opinion about foreigners. Twice in public he called them "dirty fara...(Read More)


Two cops sidelined after teens assaulted

"IF their actions exceeded the scope of their duties..." IF? No IF about it!...(Read More)


Phuket Opinion: Putting transparency on the map

What would be a great addition to this app is when you click on a land plot not only does it show th...(Read More)