Entrepreneurship in Thailand: A Panacea to Economic Growth?

Abstract

The present study provides insights into entrepreneurship in Thailand by (1) investigating Thailand’s entrepreneurial environment over the past two decades, (2) examining the contribution of entrepreneurship to employment and growth, and (3) recommending policy implications to foster a more robust entrepreneurial ecosystem and economic growth. By analyzing data from the Global Entrepreneurship Monitor, the World Bank, National Economic and Social Development Board, and the Bank of Thailand, findings indicated that Thailand had conductive environment for doing business resulting in the highest level of entrepreneurial activities in the world. Entrepreneurship significantly stimulated growth. However, job creation as a result of entrepreneurship was not significant. Thai’s entrepreneurs initiated their small-scale businesses with modest financial investments and lack of innovation. Due to the deficiency in innovation, expertise, and financial resources, Thailand have encountered challenges in transition toward innovation-driven economy. Resources and budget should be allocated to enhance innovation and R&D, rather than building infrastructure. Network and collaboration that facilitates the linkage between R&D and business enterprises must be established. Finally, the entrepreneurship education program should be incorporated into the primary and secondary school curriculum to nurture entrepreneurship ecosystem and foster economic growth.