The Potential Analytical Impact of Significant Sectoral Creative Economy on Thailand’s Economy: A Case Study of the IRS-CGE Model vs. the CRS-CGE Model for Both the National and Provincial Economies

Chukiat Chaiboonsri ()
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Chukiat Chaiboonsri: Modern Quantitative Economic Research Centre (MQERC), Faculty of Economics, Chiang Mai University, Chiang Mai 50200, Thailand

Economies, 2024, vol. 12, issue 2, 1-21

Abstract: The United Nations has promoted and supported the UNCTAD Creative Economy Programme since 2004 to help countries around the world understand how to promote economic development through creativity in industries. This research article aims to determine whether the creative economy will be the major engine to accelerate Thailand’s economic development in the coming decade or not, and what the major creative economy sectors are that must be prioritized or initiated and focused on. The data implemented in this research cover 2011–2018, which consist of creative economy sector income, the IO table, and the SAM table. The methodology utilized in this research was the ML model, the GREY model for predicting the growth rate of income from the major creative economy sectors contribute to Thailand’s economy between 2019–2025, and the CGE model. The study’s empirical findings show that the significant sectoral creative economy consists of fashion, advertising, Thai food, and cultural tourism, which need to be given more stimulus. Furthermore, the economies of Chiang Mai, and Thailand as a whole, would eventually be high-income economies if creative economy sectors were to be promoted and continuously supported by efficient policies. the economic growth of Thailand and Chiang Mai would eventually become high income whenever these economies allow creative economy sectors to be promoted or supported by efficient policies continuously.

Keywords: creative economy sectors; Thailand’s economy; Chiang Mai’s economy; ML model; GREY model; prediction; CGE model; long-run growth (search for similar items in EconPapers)
JEL-codes: E F I J O Q (search for similar items in EconPapers)
Date: 2024
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