Navigating Megatrends in 2024: A Focus on Thailand and ASEAN

1. Demographic Change

As the global population surges, specific regions face unique challenges. Africa anticipates a near doubling of its population in two decades, while Europe and China project declines. Aging societies become a common thread, redirecting economic growth reliance towards technology-driven productivity. Thailand has one of the most ageing populations in the region. Up to 30% of Thailand’s population is expected to cross the elderly barrier by 2036. 

It is paramount that we upskill the next generation, embrace Artificial Intelligence (AI) and automation, fostering creativity and innovation to offset this.

2. Urbanization

The rise of megacities, a phenomenon projected to include 43 by 2030, requires ASEAN nations to invest substantially in sustainable mass transit systems. Smart infrastructure, including 5G-powered communication networks, emerges as a key component for efficient and connected city living. Embracing advanced technologies like vertical farming becomes imperative for addressing food and water scarcity challenges in expanding urban areas and city states, such as Singapore.

3. Glocalization

Glocalization reflects the eastward shift of economic gravity, with RCEP and the ASIA-Pacific free-trade agreement projected to contribute over 35% to global GDP by 2050. The term “Glocalization” means the globally connected industry which stimulates competition and innovation, locating production close to markets-known as nearshoring or local-for-local business – makes local economies more resilient and sustainable.

The success of glocalization depends on access to digital technology, a secure and trusted industry-wide exchange of digital information. The ultimate goal of glocalization is to allow global interoperability of industries in local economies and to optimize resource efficiency on a local level.

4. Environmental Change and Resource Efficiency

Addressing environmental concerns, such as the PM2.5 pollution crisis and optimizing resource efficiency is crucial for Thailand and the wider ASEAN region. The sustainability paradox becomes apparent as the regions seek to do more with less. Technologies such as hydrogen technology in rail transportation and data analytics for closed-loop material flows offer pathways to achieve a Net Zero future, balancing economic growth with environmental responsibility.

5. Digitalization

Digitalization emerges as a pervasive force in global industries, providing solutions to varied challenges. AI-driven industrial metaverse and digital twins become essential tools for testing real-world data in a digital space, minimizing resource usage. We are starting to see the emergence of these technologies in ASEAN and the embrace of new technologies promises immersive digital spaces for collaboration, aiding in the development of innovative solutions to real-world problems.

Transformative Technologies and Collaboration Shaping the Future of Thailand and ASEAN

Technological advancements, including AI, digital twin, automation, and edge computing, are reshaping industries in Thailand and ASEAN. These technologies offer efficiency gains, sustainability, and resilience, making them integral to the region's future success.

In navigating these megatrends, collaboration emerges as a key theme. ASEAN nations recognize that a fully immersive industrial metaverse and generative AI is on the horizon. This collaborative vision involves working on real things together virtually, reducing costs, emissions, and resource consumption. 

The realization of this vision requires open digital platforms, interoperability, and secure solutions, emphasizing that collective action is the key to ushering in a decade marked by sustainable global development in Thailand and the wider ASEAN region.