The digital economy, the main driver of the future economy

The digital economy, the main driver of the future economy

        The digital economy is a new economic model driven by online, digital technology. This economic model uses technology to increase efficiency and create added value for economic activities in various fields, including the manufacturing, transportation, sales of goods, and services sectors. The digital economy is the main driver of the economy and is expected to raise the country into a high-income economy and reduce development inequality by 2036, according to the goals of the national strategy.

        Driving the country’s economy by adopting digital technology to increase efficiency and create added value to the country’s GDP has resulted in economic development and increased quality of life and employment, which in turn changes the structure of economic activities. With this business model, the production processes, trade, services, education, health care, and other social processes, including the interactions between people, will be completely changed.

        The digital technology system standardizes data management and creates a huge database, resulting in the exchange of information and services to facilitate trade and investment. This supports the growth of e-commerce and creates opportunities and income for international entrepreneurs, contributing to pushing Thailand towards becoming a fully digital economy.

        Under the digital economy and digital society, there may be threats affecting confidence in online transactions in the cyber world. Therefore, creating a cooperation network with cybersecurity agencies around the world, as well as accelerating the development of competent personnel, empowering problem-solving and security systems, is important to prepare for joint prevention of online threats. To cope with such threats, the government sector needs to work together to set a clear framework and direction at the macro level, namely the preparation of relevant laws to accommodate the potential situations.

        The Ministry of Digital Economy and Society has formulated a master plan to promote the Thai digital economy. In Phase 1 (2018-2022), four strategies have been established to promote the digital economy, as follows:

1.  Develop human resources for the digital age with the goals of increasing the potential of digital personnel and increasing the basic digital skills for the general public;

2.  Upgrade the economy to Digital Thailand with the goals of increasing the number of businesses adapted to digital platforms and increasing the growth rate of the digital industry market value to 10% per year;

3.  Push forwards the community into a digital society with the goals of providing 24,000 communities with the ability to use digital to generate income or improve their quality of life in various dimensions;

4.  Develop and improve the infrastructure to support digital innovation with the goals of developing seven cities in key economic zones of the country.

        As for the Master Plan to Promote the Digital Economy, Phase 2 (2023-2027) relates to a strategic operation at both program and project levels, focusing on specific works to achieve the impact and achieve the country's goals, as follows:

1.  Relate the goals of the national plan to action;

2.  Strengthen the digital industry in all dimensions;

3.  Push forward the digital transformation in all sectors;

4.  Economic and social recovery from negative impacts;

5.  Change the nature of work and create new jobs in all professions;

6.  This master plan is a tool to create opportunities and careers, generate income, and stimulate economic growth.