BANGKOK: The value of Thailand’s digital economy has swelled by 20 per cent this year to Bt2.5 trillion, accounting for 17 per cent of gross domestic product (GDP), with even faster growth pencilled in for next year by a leading forecaster.
The Centre for Economic and Business Forecasting of University of the Thai Chamber of Commerce (UTCC) expects the information technology-related economy will expand 25 per cent next year to Bt3.2 trillion next year, making up 19 per cent of GDP. The centre’s projection is based on an assumed national economic growth of more than four per cent. Asia Plus believes that pending public investment of Bt920 billion will be realised. The National Economic and Social Development Board forecasts GDP growth at four per cent next year, up from 3.9 per cent this year, with the country’s output will be driven by exports, investment, consumption and tourism.
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Although many digital television channels have lost money this year and been forced to lay off large numbers of workers, e commerce business has managed high growth at 20 per cent in 2017. he Kasikorn Research Centre estimates that the value of online shopping will grow between 20 and 25 per cent next year due to consumers’ use of smartphones and the provision of online payment infrastructure by the public and private sectors, as well as the benefits gained from expanded coverage of high-speed Internet across the country.
The government has recently implemented the PromptPpay scheme, which is aimed at hastening Thailand’s transition to a cashless society The Bank of Thailand, commercial banks and state owned banks have provided financial infrastructure support to many types of digital payments, including the latest QR code payment technology.
Bolstering this effort, online shopping operators have employed marketing strategy to woo new customers. According to the National Broadcasting and Communications Commission, the number of mobile phones has risen to 120.2 million this year in a country of 67.7 people. The number of Internet users has risen 11.1 per cent to 43.9 million.
However, the growth in the digital economy may be concentrated in few businesses types, such as online shopping and online financial services.
