World Bank Says Digital and Circular Economy Can Earn Thailand $3.4 Billion Annually

[snoop1130]

 

BANGKOK (NNT) - 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 each year in additional investments, savings and revenue.

 

The financial institution said in a statement that Thailand, a $544 billion 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.

 

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

 

It added that an additional $1.8 billion 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.

 

-- © Copyright NNT 2022-02-23

 

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[pokerface1]

Circular economy hub????

The government is a world leader at running  in  circles.

Big Money to be made says the world Bank.

Brings to mind chickens and heads. 

[StayinThailand2much]

2 hours ago, pokerface1 said:

Circular economy hub????

The government is a world leader at running  in  circles.

Big Money to be made says the world Bank.

Brings to mind chickens and heads. 

Great suggestions by the World Bank. However, did the experts also analyse Thailand's failed political system, paralysing bureaucracy, and the archaic educational system? How about initiating structural reforms right there for a start?