Thailand’s Digital-Driven Real-Time Economy

In the 3rd quarter of 2023, the E-Saan Poll, a research initiative conducted by the Centre for Business and Economy Research (ECBER) at Khon Kaen University, embarked on a comprehensive survey to assess E-Saan’s economic health.

The survey extended its focus to scrutinise the impact of the “digital 10,000 baht” policy, bringing the vital role of digital technology into the spotlight. E-Saan Poll involves the collection of data and conducting surveys to assess various economic aspects and public opinion related to the household economy and government policies in the E-Saan region.

To collect household and economic data, E-Saan Poll is leveraging digital technology. It computed various economic indexes that quantified these aspects on a scale of 0 to 100, categorising different ranges of economic well-being.

The transition from traditional survey methods to digital data collection is a new angle reflecting the region’s adoption of digital technology for economic analysis. Here are some of the digital economic indexes that have been done by E-Saan Poll:

1. Income and Household Assets: The digital index for income and household assets dropped to an alarming 2 in the 3rd quarter, reflecting the real-time impact of economic fluctuations. With an estimated 33.4 for the 4th quarter, digital data analysis plays a crucial role in predicting future economic trends.
2. New Employment or Business Index: Digital data analysis revealed a 3rd-quarter index of 39 for new employment or business, showing improvement from the preceding quarter (32.7). An estimated 33.3 for the next quarter highlights the role of digital forecasting.
3. Money Circulation for Expenditure and Debt Payment: Digital technology processed data on money circulation for expenditures and debt payments, resulting in a 3rd-quarter index of 31.7. The slight improvement to 33.7 in the next quarter underscores the impact of digital transformation in data analysis.
4. High-Cost Item Purchase Index: The 3rd-quarter high-cost item purchase index was 5, signifying low confidence among E-Saan households. An anticipated 34.4 for the next quarter, as per the digital survey, demonstrates the importance of digital insights into economic trends.
5. Overall Economic Index: Digital calculation of the overall economic index for E-Saan households in the 3rd quarter revealed an unfavourable situation, with an index of 32.3. This significant decline from the previous quarter’s index of 8 emphasises the role of digital technology in rapid economic assessment. The expected index of 33.7 for the 4th quarter reflects digital analysis in forecasting economic recovery.

Furthermore, the survey also assessed the government’s performance in the economy during the 3rd quarter. The digital score stood at 31.86 out of 100, significantly higher than the 2nd quarter’s score of 27.8. The digital government’s work score for the 3rd quarter was 33.2, representing the role of digital technology in the real-time evaluation of government actions.

In addition to economic metrics, the survey addressed the impact of the “digital 10,000 baht” policy, with questions focusing on distribution and usage. The digital component here reflects the government’s transition to digital stimulus, which can be disbursed efficiently through digital channels, benefiting both the government and the recipients.

Assoc Prof Sutin Wianwiwat, an economist and finance expert, recognised the concerns and advice from various stakeholders regarding the digital money policy. His proposal to adjust the digital money distribution not only reflects digital technology’s influence on policy but also emphasises the financial stability that digital interventions can bring.

This report reveals the impact of digital technology on E-Saan’s economic well-being and policy adjustments. The survey’s transition from traditional methods to digital data collection, real-time analysis, and digital forecasting showcases the pivotal role of digital technology in economic assessment and planning, demonstrating the transformative influence of digital technology on Thailand’s region’s economic landscape.