Forbes Asia — December 2017

Thailand 1

SPECIAL ADVERTISING SECTION

Thailand’s economic outlook is rebounding to healthy levels as it prepares to transition from its traditional economy to

a modern “intelligent” model that will greatly enhance its connectivity and participation in the global arena.

Thailand:

EMBRACING THE DIGITAL FUTURE

Thailand’s traditional economic drivers
of agriculture, manufacturing, export,
construction and tourism have been
rebounding to healthy (and growing)
levels, with The Asian Development Bank
projecting gross domestic product growth
of 3.6% for 2018—an uptick from 3.5% for
2017 and the continuation of a steady rise
since hitting a low of 0.9% in 2014. This
compares favorably with the World Bank’s
mid-year report projecting global growth
of 2.7% in 2017.

Thailand 4.0
But while these traditional sectors have
served Thailand’s economy well since it first
began its breakneck boom in the late 1980s,
at this advanced stage of development,
the country’s economy is moving to the
next level—interconnecting with other
countries in the region and beyond, both
physically with international transportation
infrastructure and digitally—with the
Thailand 4.0 strategy.
In the Thailand 1.0 stage, the agricultural
sector played the largest economic role.
Thailand 2.0 moved the country from a low-
income economy toward a middle-income

economy with a focus on light industries.

Thailand 3.0, where the country’s economy

has developed for well over a decade,

emphasizes advanced heavy industries,

such as its successful automotive sec-

tor. Remaining at this level would create

an unbalanced middle-income economy

squeezed between low-income competi-

tors and wealthy nations that dominate the

swift changes in technology. The country

must and will move upward economically.

Enter Thailand 4.0, a major move toward

aligning with the digital and mobile

technology that most of the population has

already embraced in the form of personal

computers and smart phones. This stage

recognizes the digital transformation

of both industries and lifestyles and

their place in the global economy in an

“intelligent world.”

An Intelligent Country

The strategy involves the government and

the private sector tapping into the potential

of information and communications

technology, with the goal of Thailand

becoming an “intelligent countr y” over the

next decade.

Many in the country’s private sector

have seen the writing on the wall and are

taking bold initiatives in global digital

connection, collaboratively developing

bespoke technologies via tourism

marketing, booking and services, just-in-

time manufacturing and employee training,

as well as in numerous other areas.

And while the traditional economic foun-

dations of construction, manufacturing,

engineering, agriculture, tourism, infra-

structure and other sectors will continue,

they will be expanded, enhanced and inter-

connected in the 4.0 phase.

Following a year of national mourn-

ing that came to a close with the funeral

and cremation in October of King

Bhumibol Adulyadej, Thailand’s king for

70 years, who was head of state during

the dramatic social and economic trans-

formation of the country, Thailand is mov-

ing forward with its new monarch, King

Vajiralongkorn Bodindradebayavarangkun,

and a national election is promised for

late 2018. These events mark a sea change

in the nation’s thoughts and actions,

as it progresses into a new era of true

modern globalization.

Bangkok, Thailand