Hello Monday kaa!
Some may know I'm a big fan of Khun Tonson, Santitarn Sathirathai and so today I'd like to share with you what he talked about at the Secret Sauce EE#3943 about how to revitalize our economy in 2023 amid major changes regionally and internationally.
Khun Tonson talked about '3 shifts' in the global economy in 2023. The shifts are:
1. from inflation fears to growth fears as inflation is on its way to the peak...this will make people scared of much slower growth.
2. from the US to Asia/China which sees the US in possible recession, US dollars stay strong, and China has its growth stimulus.
3. from goods to services economy.....tourism seems to be more positive than exports.
Three main things to be stressed further are:
1. When mentioning about ESG, S has to be emphasized even more especially in terms of equality
2. Digital use must widen the coverage in all sectors and those underserved.
3. Asia to refer to China has to be shifted to include ASEAN, which will play a heightened role with the slower growth of China.
Creating relationships is more important than before ka.
He said if Thailand were a football player, this player was aging and much less attractive (for FDI, for example). He mentioned Singapore, which has seen itself clearly and positioned it strategically as a new engine of growth to stress startup promotion, fintech hub and now green finance center. Thailand has to admit that we aren't as attractive, study from countries around, and assess what we want to excel and seek partners.
Instead of trying to play as a striker which could be hard to know the changing direction, Thailand should look at itself as a midfielder, doing what we can complement strikers, meaning that we gear our own focus to form stronger foundation on three industries, namely, Digital industry, Education/EdTech (talents/upskilling), and Finance (Healthcare could also be included.)....quality of humans, digital capabilities, and access needed to support these industry growth.
If successful, we can attract talents to nurture and enhance more talents in our country too.
When asked about the role of leaders, my ears were even wider open ka.
He pointed out our leaders should be able to have the following:
1) Global mindset with fine networks near and far
2) Understanding the local needs and
3) More listening to the younger gens
For me, several examples in this talk about Singapore offer strategic thinking for us to learn. I also think that despite some severe weakness in our higher education, I see quite a few opportunities from the regional front. We should sharpen our own core competence and strengthen digital infrastructure. I believe we still are able to continue to take advantage of our warm hospitable culture plus geographical location ka. Of more importance is our own people's strengthened capabilities and team attitudes to become more synergistically strategic for future-ready Thailand ka.
What do you think ka?
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