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Thailand¡¯s economy gains momentum and is projected to attain 3.5% in 2017, and 3.6% in 2018.

• The economy grew by 3.3% during the first quarter of 2017, exceeding market expectations. It is also gaining momentum as farm incomes recover from drought, merchandise and tourism exports rise, and the continued fiscal stimulus.
• Merchandise export grew 6.6%, the highest in the last four years, due to rising global commodity price and trading partner growth.
• The agricultural sector expanded by 7.7% due to rising agricultural prices and recovery from severe drought.
• Private consumption expanded by 3.1%, compared to 2.2% in 2015, driven by improved farm income, stimulus measures and recovering consumer confidence.
• More public infrastructure investments to connect lagging regions and upgrade rail through dual tracking can boost private investment, raise economy-wide productivity and improve investor sentiment.
• Thailand has the potential to raise growth to above 4% by addressing structural bottlenecks ¨C education quality, services liberalization and public infrastructure management.
• Risks to recovery: Political uncertainty if reforms and elections become postponed, and a deterioration in the global environment including increased trade protectionism and a slowdown in the Chinese economy may impede Thailand¡¯s export momentum and private investment recovery.
   

The digital economy has high potential for socio-economic impact and Thailand can build on its digital strategy to secure new opportunities for the country. 

• In as little over two decades since 1994, the global digital economy is now worth $11.5 trillion, equivalent to 15.5% of global GDP.
• In 2016, Thailand created the Ministry of Digital Economy and Society, putting in place a 20-year National Digital Economy Masterplan, divided into four phases:

1. Laying the digital foundation
2. Achieving digital inclusion
3. Moving to full transformation, and
4. Achieving global digital leadership

• Since then, Thailand has launched initiatives like Digital Thailand, Thailand 4.0, and a special program for developing the Eastern Economic Corridor (digital park, University 4.0).
• Thailand¡¯s performance on various digital economy related indices and rankings has been mixed. It ranked:

1. 82 out of 175 on
2. 62 among 139 countries on the
3. 77 out of 193 countries on the
4. 21 out of 65 countries on

• The National Digital Economy Masterplan is on the right track with several worthwhile initiatives:

1. Development of hard infrastructure
2. Acceleration of the digital economy
3. Promoting digital society, digital government, workforce development and soft infrastructure (legal, regulatory, security)

• Thailand can reach its aspired digital frontier by focusing on developing these key areas:

1. Digital foundations (data sharing, future-ready networks)
2. Transformative business models (blockchain)
3. Digital skills
4. Cross-cutting institutions related to strategic foresight and agile policymaking