Thailand economy model adjustment urged

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BANGKOK, May 15 (TNA) - Thailand needs to adapt its development model by embracing and adapting to digital technology in order to thrive to become high-income country in the next 20 years, Thailand Research Development Institute (TDRI) president says.

In a seminar on Monday, TDRI president Somkiat Tangkitvanich warned that with advanced technologies disruptive effects had led to lower reliance on transportation, communication and energy sectors.

Millions of jobs or 50 percent of the workforce could be lost over the next 20 years if the country was unable to adapt to utilize digital technology, he said in the annual seminar.

He predicted that, the economy would grow by only 2.1 per cent annually, far lower than 5 percent government target.

Automated system and artificial intelligence would have big impacts on the labor market; therefore, Thailand should create jobs by adopting 3C economy, said Somkiat.

3C consisted of craft economy, creative economy and care economy, he said, that could propel growth and reduce income disparity in the future. (TNA)