The Perspective of the Creative Economy Stimulus on the Thai Economy: Explication by BSTS Mixed with the CGE Model

Chokethaworn, Kanchana; Chaiboonsri, Chukiat; Eakkapun, Paponsun; Thongkaw, Banjaponn

doi:10.1007/978-3-031-46775-2_26

Cited by 1 publication

(4 citation statements)

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“…The Computable General Equilibrium (CGE) model is widely implemented in policy formulation in many countries under the assumption that price plays an important role in driving agents in an economy based on the theory of general equilibrium (Hosoe et al 2010;Devarajan and Robinson 2013;Burfisher 2021). This research article also attempts to confirm that the creative economy should be supported and promoted more for the future of Thai economies, according to the CGE model simulation study perspective (Iavorskyi and Nikolaieva 2021;Chokethaworn et al 2023).…”

Section: Irs-cge Model Vs Standard Crs-cge Modelmentioning

confidence: 90%

“…Lastly, the impact of the creative economy boost on the Thai economy was examined by Chokethaworn (Chokethaworn et al 2023). This empirical study's findings indicate that fostering the creative economy is crucial to the long-term growth of Thailand's economy.…”

Section: Conceptual Framework and Methodologymentioning

confidence: 99%

“…In 2020, Suprapa studied creative tourism management in Chiang Mai, and according to the results, there is a high potential for using creative tourism to drive Chiang Mai's economy in the future (Somnuxpong 2020). Lastly, the impact of the creative economy boost on the Thai economy was examined by Chokethaworn (Chokethaworn et al 2023). This empirical study's findings indicate that fostering the creative economy is crucial to the long-term growth of Thailand's economy.…”

Section: Literature Reviewmentioning

confidence: 99%

“…In addition, a recent focus of many countries is that the creative economy or creative industry increases productivity, is more innovative, and adds more value to the demand and supply in their economies while being sustainable (Potts and Cunningham 2010;Iarmosh et al 2021;Escaith 2022;Chokethaworn et al 2023).…”

Section: Irs-cge Model Vs Standard Crs-cge Modelmentioning

confidence: 99%

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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

Chaiboonsri

2024

Economies

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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.

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