CRISIS…THAT THAILAND FACES
Currently, Thailand is facing crisis all around especially from 3 major traps that inhibit economic growth, increase the inequality gap of people in the society, and create pollution that damages the environment.
1) MIDDLE INCOME TRAP : This is due to various crises that resulted in drastic slowing down of the economy. Higher production costs make it impossible to compete with low-cost products. Also, the traditional method of economic stimulus cannot steer the country out of the middle-income trap.
2) INEQUALITY ISSUE : Current COVID-19 pandemic emphasizes the problem of inequality in Thailand, especially for low-income groups which do not earn enough income to cover daily living expenses and with increased unemployment. Inequalities in accessing public services, equal educational opportunities, and earnings of the elderly population are also a part of this.
3. ENVIRONMENTAL ISSUE : This is a result of the imbalance stem from focusing on economic wealth. By accelerating the productions of various industrial sectors resulting in the release of pollution and toxic substances into nature and disregarding the use of natural resources without replenishment, this has direct affects to the environment and the world.
“Innovation”…Solution to Revive the Country and Get Out of Crisis
“Innovation” is a solution to revive the country and get it out of these traps. National Innovation Agency or NIA, along with leading innovative agencies from all sector of the country (government, private, educational institutions and public sectors), therefore, created an “INNOVATION THAILAND” campaign. Together, the aim is to utilize innovations of Thai people to revitalize Thailand and create economic wealth while reduce inequalities in Thailand society and preserving the environment in a balanced way.
“Revitalize Business to Survive” utilizing innovation to create new business model, generate income, and keeping Thai businesses alive.
“Revitalize Life to Achieve Happiness” by bringing innovation to revive quality of life, reduce social inequalities and bring happiness to Thai people.
“Revitalize the Environment” by utilizing innovations to transform the surrounding, reduce the environmental impact and resuscitate the earth and her habitat.