Growth In The Economy Dependent On The Adoption Of Disruptive Technology

 

The textile and apparel industry of Thailand plays an important role in its economy and export earnings. The industry covers a wide range of products sources like fabric manufacturers to embroidery supplier in Bangkok and printing services. A new opportunity for Thailand’s apparel industry present if it takes advantage of technology and innovative products.

Thailand is bound to lose at least 3 million jobs over the next 20 years unless it starts to adapt disruptive digital technology. According to Thailand Development Research Institute president SomkiatTangkitvanich, without disruptive technologies, Thailand may not realize its economic goal of growing at an average of 5% per year over the next 20 years.

Radical changes in technology have already done damage to Thailand’s print and television media operators. Under this scenario, massive job losses could be expected. Failure to adapt to digital disruptive technology will only allow the economy to grow by 2.1% annually. At least 3 million jobs are expected to disappear.

Thailand is aware of the risk that is why it has initiated Thailand 4.0 to promote digital economy. On the other hand, Somkiat said that Thailand may not be able to meet its target to achieve high income status over the next 20 years. About 25% of the government’s target can be achieved by developing farm and service sectors. If the industrial sector is developed, 50% of the target will likely be achieved.

Based on an assessment of Thailand 4.0 policy, the economy can expect a 3.1% growth but would likely result in the loss of 1.5 million jobs because of the shortage in skilled labour. Many careers will be affected including the textile industry and manufacturing operations. The government must invest heavily in research and development that is related to artificial intelligence like China, Japan, Singapore, South Korea and the United States.

In spite of different challenges, embroidery supplier in Bangkok continues to offer high quality products like polyester embroidery thread. There is also a huge market overseas for embroidery supplies because designs on clothing make it look more classy and sophisticated. In terms of technology, computerized embroidery machines make use of digitized patterns in embroidery software to add embroidered logos.

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