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Bangkok - The World Bank has said digital and disruptive technologies, along with the development of a circular economy, can earn Thailand up to 3.4 billion USD each year in additional investments, savings and revenue.
The financial institution said in a statement that Thailand, a 544 billion USD 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 USD of cost savings and additional revenue for the private sector, especially for agriculture, construction and electronics.
It added that an additional 1.8 billion USD 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 percent in 2021, with the government predicting growth of 3.5-4.5 percent this year.
The World Bank added that strengthening structural reforms will boost businesses and promote investments in digital innovation and circular technology.