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Thailand’s new economic development model

BCG (Bio-Circular-Green Economy) is Thailand’s new economic development model that applies the Sufficiency Economy Philosophy (SEP) in its concept and is aimed at empowering local economies, increasing GDP growth, while being eco-friendly. This new model will not only help local economies be more self-sufficient, but will also enable Thailand’s capacity to achieve UN’s Sustainable Development Goals. BCG consists of 3 development models to be applied simultaneously, namely, Bio Economy, Circular Economy, and Green Economy. In terms of Bio Economy, the government plans to apply knowledge, technology and innovation to enhance bio-resource management, aiming to increase the production of value-added products. For Circular Economy, “zero waste” is the key principle, aiming to reduce waste by adjusting and adapting the production process. The Thai government also focuses on promoting sustainability in all dimensions, especially in improving the environment, through the concept of Green Economy. The BCG model includes Intelligent Economy, Sharing Economy, and Silver Economy which will facilitate the management process, meet people’s needs, and promote innovation for ageing society.

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