By Dr. Nakarin Amarase
From THE OPINION (The Nation)
Amidst heightened international trade policy uncertainty further hindering short-term and long-term growth prospects of global economy , Thailand is looking towards data-driven initiatives to bolster its labour market and uplift the potential of our people. A focused approach on leveraging data can help the nation navigate current challenges and enhance overall productivity.
The call for an innovative approach comes as Thailand, a developing economy heavily reliant on international trade of goods and services, would face inevitable adverse effects from the global economic slowdown. The macroeconomic pressures could potentially worsen conditions in the domestic labour market. To address these concerns, a proposed labour market restructuring framework (Infrastructure, Institution, Incentive – 3Is) aims to build resilience and foster growth:
- Data Infrastructure: Thailand has made significant strides in data-related technology and legislation over the last decade. The Personal Data Protection Act (PDPA), fully effective since 2022, has established clear guidelines for personal data protection. This, combined with the widespread adoption of fast payment systems, enabled the government to effectively distribute subsidies during the Covid-19 pandemic. Consequently, various government agencies have developed data infrastructures, ready to be utilised for broader economic strategies.
A notable example is the collaboration between CU-ColLar - Collaborating Centre for Labour Research, Chulalongkorn University and the Ministry of Labour to establish Labour Data Lab, allowing Thai researchers access to labour market data under proper data governance. Such granular data is crucial for designing targeted policies for each segment of the population.
- Institutional Mechanisms: While individual government agencies have developed their data collection systems, a more holistic approach is needed for effective data utilisation. The key success factor lies in establishing an institutional mechanism to encourage policymakers to work towards common goals with clearly defined roles and responsibilities.
The E-Workforce Ecosystem (EWE) sandbox serves as an example of cross-organisational collaboration. This initiative connected data from the Ministry of Labour, the Ministry of Higher Education, Science Research and Innovation, and the Thailand Professional Qualification Institute (Public Organisation) (TPQI). During the Covid-19 crisis, this collaboration helped categorise the employment status of EWE users, enabling targeted training and job matching services.
- Outcome-oriented Incentives: With robust data infrastructure and collaborative institutional frameworks in place, the efficient allocation of national resources becomes paramount. Policymakers are urged to implement outcome-oriented incentives that not only provide economic support but also actively work to uplift each worker’s potential.
As rising trade tensions and international policy uncertainty continue to pose risks to Thailand’s export-driven economy, including its tourism sector, a data-driven approach to enhancing people’s potential is seen as vital. Such strategies aim to not only help the workforce navigate the current low-growth environment but also to seize opportunities to increase labour and national productivity in the long term.
Nakarin Amarase, Ph.D.
**This opinion expressed in the article is solely that of the author, and does not necessarily reflect the views of any organisation to which the author belongs.**
Nakarin Amarase is a seasoned economist with over 20 years of experience shaping strategic policy and driving financial sector development. Currently, he serves as Deputy Director of the Payment Systems Policy and Financial Consumer Protection Group at the Bank of Thailand. In his prior roles, Nakarin has consistently demonstrated his ability to translate vision into actionable strategies, fostering trust and collaboration to achieve collective outcomes.
His expertise spans economic policy design, human capital development, and financial sector innovation. This is complemented by his advisory and research roles, including serving as a research advisor for the Thailand Development Research Institute (TDRI) and a principal investigator at Chulalongkorn University’s Centre for Gambling Studies (Faculty of Economics). He also contributes to academia as a part-time lecturer at Mahidol University International College (MUIC).
Nakarin has a strong record of contributing to significant national initiatives and sectoral advancements. He has collaborated on projects with TDRI, Chulalongkorn University, the Ministry of Labour (MOL), and the Thai Bankers' Association. His public service includes serving on MOL’s committees focused on human resource development and Bangkok Minimum Wage, as well as MUIC’s curriculum development.
His private sector experience includes roles such as Head of External Affairs at Siam Commercial Bank PCL (2022-24), Assistant Vice President of TMB Analytics at TMB PCL. (now TTB PCL, 2012-13), and Assistant Unit Manager at Kasikorn Bank PCL (2003-06).
Nakarin holds a Ph.D. and an M.A. in Economics from Michigan State University, and an M.A. and a B.E. from Chulalongkorn University. Notably, He also served as personal assistant to former Bank of Thailand Governor Veerathai Santiprabhob.
