Thai internet economy forecast to grow 25 percent per year

Thailand’s internet economy is forecast to grow by 25 percent a year through 2025, reaching a value of $53 billion, the second-largest valuation in Southeast Asia, according to the e-Conomy SEA (Southeast Asia) 2020 study commissioned by Google, Temasek of Singapore, and Bain & Company of the United States.

Thailand’s government welcomed the news. Deputy Prime Minister General Prawit Wongsuwan told global business executives attending a seminar in Bangkok that technology is the foundation of the Kingdom’s national strategy for advanced development.

He said that Thailand is dedicated to creating the digital infrastructure and ecosystem that would position the Kingdom as the digital capital of the 10-member Association of Southeast Asian Nations, or ASEAN.

“Thailand is one of the first countries in ASEAN that developed 5G technology for commercial use. Many areas in the Eastern Economic Corridor (EEC) have already adopted this technology. Digital technologies like 5G, Cloud and AI technologies are crucial infrastructure that can turn Thailand into the digital hub of the region,” Prawit said.

Digital Economy and Society Minister Buddhipongse Punnakanta told the seminar that a new wave of telecom infrastructure is under development, including data centers, submarine cables and 5G networks.

The e-Conomy SEA 2020 report said that the Covid-19 pandemic had accelerated digital growth in the Kingdom as. 30 percent of all digital service consumers in Thailand had recently signed up because of the pandemic. The authors said that 95 percent of these new consumers would probably continue their online behavior after the pandemic ends.

Photo courtesy of http://www.phangnga.go.th/