Thailand’s economic performance has been somewhat lackluster. The World Bank, in fact, gave Thailand a 2.5 percent and 2.6 percent GDP growth forecast for this year and next year, respectively, compared to 2.8 percent last year. Given the tepid performance, it’s up to the Thai government to give the economy a boost
Thailand's economic performance has been somewhat lackluster. The World Bank, in fact, gave Thailand a 2.5 percent and 2.6 percent GDP growth forecast for this year and next year, respectively, compared to 2.8 percent last year.
Given the tepid performance, it's up to the Thai government to give the economy a boost by building major infrastructure projects. That, according to experts, is expected to boost the country's security industry, since security equipment is needed in those projects.
“The current government is aiming to provide stability to the country, and they also focus on the infrastructure of the country,” said Suwich Chitkasemsuk, Managing Director of Digitalcom. “Since the government is focusing on the infrastructure, they expedite projects such as MRT.”
Indeed, the Thai government has announced several new metro lines – for example the Red Line – in Bangkok, in addition to the current Blue and Purple Lines. In the future, high-speed rail linking Bangkok to various destinations will also be in place. For example, Japan will provide its Shinkansen technology for a high-speed rail link between Bangkok and the northern city of Chiang Mai. Thailand and China are also collaborating on future routes from Bangkok to Nakhon Ratchasima and then to Vientiane.
In terms of airport projects, the two major international airports of Bangkok, Suvarnabhumi and Don Mueang, are currently undergoing expansion. Upgrades for four other airports in Thailand – Chiang Mai, Chiang Rai, Phuket and Hat Yai – are also being planned. These projects are expected to benefit security as well.
Another growth driver for Thailand's security, meanwhile, is the need to protect lives and assets in the midst of rising criminal activities. This has become an issue especially after the bombing in August 2015 inside the Erawan Shrine, a popular tourist attraction at the heart of Bangkok. The incident claimed the lives of 20 and injured over 100. The incident did raise concerns over security.
“I think criminal activities are one of the major factors driving the security development of the country,” Chitkasemsuk said. “People have become more wakeful. The government has increased the security level in public areas. More and more personal security devices, such as car surveillance cameras, are now requirement from users.”
All this, according to Chitkasemsuk, is expected to contribute to some growth in Thai security this year. “I don't think there will be big growth in 2016 compared to 2015, but there may be a chance for a slight growth in the second half of 2016,” he said.