Never bet against Thailand. That was the view of the World Bank in its most recent Economic Monitor report which said the Kingdom’s track record of stepping up to challenges makes it capable of driving innovation and securing a robust economic future.

“Thailand has a history of overcoming challenges and is well-positioned to drive innovation. Technology adoption and innovation will be key to remaining competitive in a rapidly evolving regional and global economy,” the Bank wrote in its Economic Monitor.

Thailand is receiving some assistance in its efforts at technology adoption. Advanced technologies are dependent on data and several of the world’s leading technology companies are investing in building data centers in the Kingdom.

Microsoft, Google, Amazon, NTT, Alibaba and others are among the firms that are building or have existing data centers in Thailand and the government is courting more firms by offering investment incentives for digital industries and building more support infrastructure.

The Bank also wrote that the economy is expected to gain momentum in 2025, driven by stronger domestic demand and fiscal stimulus measures, adding tourism and private consumption will continue to be key drivers of growth, although at a slower pace.

That is a positive development in terms of balancing secondary pillars of growth with the main pillar, which is exports. The Bank said exports would show moderate growth because of weaker demand in key markets such as the United States and China.

The World Bank named small and medium enterprises (SMEs) as a crucial player in driving the country’s goals forward and success will hinge on their efforts. Innovation and technology adoption have been largely concentrated in the Kingdom’s big business sector and need to spread more widely and deeply.

“SMEs can be a major asset in reigniting economic growth in Thailand. They account for 99.5 percent of firms in Thailand, 69.5 percent of national employment, and 35.3 percent of overall GDP. However, their low innovation and limited participation in global value chains highlight untapped potential,” the Bank wrote.