Krungthep Turakij, The Nation’s sister newspaper, and Mirum (Thailand), the local unit of a global digital agency, last month surveyed local entrepreneurs from various backgrounds including real estate and construction, finance, technology and communications, agriculture and food, logistics, tourism and recreation.

Most of the entrepreneurs believe economic indices will be able to improve slightly this year.

About 31 per cent put growth of gross domestic product at 2.5-3 per cent, while 30 per cent expected 2-2.5 per cent, lower than last year. The remaining 19 per cent were looking at 3-3.5 per cent.

The National Economic and Social Development Board forecasts a wide range of 2.8-3.8 per cent with the median at 3.3 per cent.

Lack of confidence in SET

From the capital market’s perspective, the respondents have not clearly stated the economic direction of this year, suggesting a lack of confidence in the Stock Exchange of Thailand. About 31 per cent of them predicted the SET Index at 1,300-1,400 points, 22 per cent at 1,200-1,300 and 21 per cent at 1,400-1,500.

Duangkamol Chotana, chief executive officer of Nation Multimedia Group, said yesterday that most of the respondents were optimistic about turnover this year. Two-thirds were looking forward to increased revenues, 32 per cent to no change and 2 per cent to the worst-case scenario – decreased income.

Similarly, 60 per cent thought overall net profit would increase, 36 per cent expected very much the same figures as in 2015 and 3 per cent were worried about a drop.

As for investment, a majority (52 per cent) expected stable figures, 36 per cent more investment and 12 per cent less.

For the reasons behind encouraging investment, 44 per cent of the chief executives cited an increase in potential competition, 31 per cent suggested expansion for top industries and 19 per cent preparation for economic growth. Only 6 per cent specifically offered the idea of market expansion towards the Asian Economic Community (AEC).

Possible threats were mostly customers’ purchasing power (98 per cent of respondents), economic reliability (97 per cent), government policy (95 per cent), the world economy (95 per cent) and political instability (90 per cent), with 6 per cent seeing rising competition as a threat.

The major trends in changes of industries were digital trends that will affect business formats and consumption (97 per cent), the greying of the population (91 per cent) and health (88 per cent), determining healthcare businesses to be very successful.

Uraiporn Cholsirirungsakul, CEO of Mirum (Thailand), said the data collected from the survey of digital technology business policy from a group of CEOs showed that almost every one of them realised the necessity of adapting to and importing digital technology.

About 80 per cent regarded digital technology as a crucial factor in running their business, and 72 per cent see an opportunity in implementing digital technology for business competition in the AECera.