The value of Thailand’s digital economy is likely to reach 4.44 trillion baht in 2024, representing an increase of 5.7 percent over 2023 and 2.2 times higher than the country’s gross domestic product (GDP). The Office of the National Economic and Social Development Council estimates the GDP to grow by 2.6 percent this year.

Deputy Prime Minister and Minister of Digital Economy and Society Prasert Jantararuangtong stated that the Government attached great importance to upgrading the digital economy and investing in the digital sector. It is also accelerating the development of the public sector into a digital government.

In this regard, the Government has attracted foreign investors to establish data centers and provide cloud services in Thailand. The implementation of the “Thailand Digital Economy 2024” project has, thus, led to the expansion of the country’s digital economy.

Mr. Prasert said that Thai exports of digital products and services in 2024 are expected to expand by 17.2 percent, or 2.8 times higher than Thailand’s overall export growth rate, estimated by the Office of the National Economic and Social Development Council.

Concerning investment, digital investment in the private sector is projected to grow by 2.8 percent over 2023, while investment in the public sector is likely to expand by 4.5 percent. The two digital industries with the highest growth include digital content, at 12.6 percent, and telecommunications, at 10 percent.

Private consumption in the digital industry is expected to grow by 5.6 percent, higher than national consumption growth, which is likely to expand by 4.8 percent.

The Government believes that, in 2025 and 2026, digital investment in the private sector will serve as a major mechanism to move Thailand’s digital economy and its overall economy forward.