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Five Major Trends with Big Implications for Thailand

29 November 2019 (Readers 273)

Governor of the Bank of Thailand Veerathai Santiprabhob stated that five major trends demographic change, climate change, changes in value chains, digital transformation, and global excess liquidity with high leverage would have big implications for Thailand.

Mr. Veerathai pointed out that while most people would think of these trends as threats to existing business models, they are indeed business opportunities for those who look ahead and get ready for them.

He said that the structure, competitiveness, and resilience of the Thai economy five years from now would depend critically on how the country addressed the five major trends.

For instance, the aging population will introduce a dramatic change to the consumer market. But this is also an opportunity: the domestic market for senior citizens will become larger. In 2017, consumption of the Thai population older than 50 was worth 2.8 trillion baht, or around 18 percent of the GDP. This will only continue to grow, creating a large niche market for businesses.

He said that realizing this would open doors for many opportunities ahead. The demand for products focused on senior lifestyles, such as orthopedic shoes and anti-slip floorings, will grow. Huge opportunities also lie in health-conscious products, such as organic produce, food supplements, and low-sodium diets, where Thailands well-developed food industry could give it a solid foundation.

Being one of the first countries to become an aging society will also give Thailand a head start to develop new businesses that would help address the needs of the elderly and expand to other markets abroad that will soon become aging societies as well.

Medical tourism industry, for example, needs to take advantage of Thailands established foundation and scale up to serve the needs of a broader spectrum of senior travelers from all over the globe.

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