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R&D investment in Thailand likely to be affected by pandemic

Investment in research and development (R&D) in Thailand this year is forecast to drop to 1.09 percent of GDP from the previously estimated 1.45 percent due to COVID-19.
R&D investment in Thailand likely to be affected by pandemic ảnh 1A view of Bangkok capital city of Thailand (Photo: AFP/VNA)

Bangkok (VNA) – Investment in research anddevelopment (R&D) in Thailand this year is forecast to drop to 1.09 percentof GDP from the previously estimated 1.45 percent due to COVID-19.

The country’s Office of National HigherEducation, Science, Research and Innovation Policy Council said R&Dinvestment in 2019 was 182 billion THB, or 1.11 percent of GDP, which had beenpreviously predicted to rise to 1.45 percent in 2020.

However, due to the COVID-19 situation, theoffice lowered the estimate to 166 billion THB, or 1.09 percent of GDP in 2020,and 195 billion THB, or 1.23 percent of GDP, in 2021.

R&D investment is still capable of reachingthe goal of 2 percent of GDP within 2027, the office said, noting that toachieve this goal, the government must provide investment stimulus measuresfrom now on and prevent the outbreak situation from escalating, which willdiminish investor confidence.

The office also estimated that by the end of2020, industries with highest R&D investment budgets will be food (15.02billion THB), automotive (14.93 billion THB) and petroleum (10.67 billion THB).

Of the R&D investment in 2019, 78 percent or142.9 billion THB came from the private sector, while only 22 percent or 39.38billion THB came from government agencies./.
VNA
#research and development#R&D#Thailand#COVID-19#R&D investment#Thailand's economy#Vietnamplus#Vietnam News Agency
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