Senior execs cautiously optimistic

Although they have had to endure a deeply challenging year, a number of business leaders are still able to identify some potential bright spots for the year ahead,

As the pandemic is set to continue ravaging economies across the globe in 2021, with higher infections at home and abroad, the time is ripe for business leaders to begin strategic adjustment and prepare contingency and long-term operational plans for survival and sustainability.

Vaccine development and distribution remain unpredictable, but even with a jab businesses and consumers are likely to continue to face inconveniences.

Here are what top business executives believe lies ahead in 2021.

Suphachai Chearavanont, chief executive at Charoen Pokphand Group

2021 should be a year of recovery for the world with the vaccine coming along, with travelling and tourism anticipated to gradually recover, said Suphachai Chearavanont, chief executive of Charoen Pokphand (CP) Group.

Thailand’s economy will not recover to 2019 levels, unless the government enacts economic reforms by injecting more infrastructure spending along with enhancing the agricultural sector through industrialisation.

Through the recovery, the government hopes to put Thailand on the map in terms of education, logistics, finance and technology in line with the Thailand 4.0 initiative.

Geopolitical tensions between the US and China will continue. If Thailand situates itself well, this could turn into a huge opportunity to harness capital flows from the two superpowers by using tax incentives to attract businesses and talent, he said.

Taking care of unemployment and the poor is essential for the government to alleviate social tensions and capture political stability.

Training workers for future skills, especially in technology and computer science, is also crucial.

The pandemic has been a setback, but the crisis has advanced the digital economy, reprioritised health and made people resilient against challenges ahead, said Mr Suphachai.