The Thai economy is caught in a structural growth trap, with continuously weakening growth rates. This clearly reflects that the old growth model, which relies on “quantity,” is no longer sufficient. Thailand needs to transition to “quality growth” driven by productivity and added value sustainably.

Key Takeaways

• Thailand’s growth challenge: The economy is stuck in a structural slowdown, showing that the old growth model based on quantity is no longer sufficient. The country must shift toward quality-driven growth powered by productivity and innovation.
• Weaknesses in innovation system:
  • Thailand’s Global Innovation Index ranking has fallen to 45th (2025).
  • R&D spending remains below 2% of GDP.
  • Research personnel numbers are declining (23 per 10,000 people in 2023).
  • Patent applications are very low (13 per million people in 2024).
• Financial system gaps: Businesses developing innovation, especially tech and startups, struggle to access funding due to reliance on physical collateral. Intellectual property (IP) is rarely accepted as loan security (only 0.07% of collateral assets in mid‑2025).
• International lessons: Countries like Singapore, South Korea, and Malaysia use risk-sharing mechanisms between government and financial institutions, covering 50–90% of defaults, alongside standardized IP valuation and joint investment funds.

“Innovation” is a key engine for this transition, but Thailand’s innovation development system still has several weaknesses that need urgent attention in order for the country to move towards quality growth and truly enhance its growth potential.

“Thailand’s innovation system” has not yet been able to truly translate research into commercial use.

• (1) Thailand’s innovation ranking in the Global Innovation Index, which has been declining for three consecutive years to rank 45 out of 139 countries in 2025, sending a clear signal that Thailand is losing its innovation capabilities compared to its competitors in the region.
• (2) The proportion of research and development (R&D) investment in Thailand is still below 2% of GDP, which is the country’s mid-term goal.
• (3) The number of R&D personnel in Thailand is beginning to show signs of slowing down, decreasing to only 23 people per 10,000 people (2023 data), reflecting the continuously weakening fundamental factors in creating new innovations.
• (4) The number of patent applications per 1 million people is at a low level of only 13 (2024 data), and the number of patents currently in effect is at a low level.

These data reflect that the problem with Thai innovation is not a lack of effort, but rather “Thailand’s innovation system” which is not yet conducive to converting research and development potential into real economic value.

The financial system is not yet ready for innovation: The “public-financial risk sharing mechanism” is key.

Businesses that develop innovative solutions, especially technology businesses and startups, have high growth potential but often face difficulties accessing funding due to a lack of tangible asset collateral for loans.

Currently, there are structural gaps in the allocation of funding to Thai innovation businesses, both on the supply and demand sides. On the supply side, financial institutions lack international standards for valuing intellectual property (IP) and continue to primarily rely on physical collateral. This results in risk assessments that do not align with the highly uncertain revenue streams and technological aspects of innovative business models.

On the demand side, there are not many Thai businesses ready to invest in new innovations and capable of commercialization, reflecting an economic structure that is not conducive to creating and expanding innovation-based businesses. This gap is clearly reflected in the use of intellectual property as collateral in Thailand, which, as of June 2025, will only account for 0.07% of all collateralized assets.

Lessons from various countries clearly show that a “risk-sharing mechanism between the public and financial sectors” is key to unlocking funding for innovative businesses. This is especially true when addressing issues on the supply side of capital.

For example, Singapore, South Korea, and Malaysia utilize a joint risk guarantee mechanism where the government guarantees 50-90% of the outstanding balance after a borrower defaults, reducing the risk burden on financial institutions. This is coupled with establishing internationally recognized and credible IP valuation standards and setting up public-private partnership funds. These mechanisms play a crucial role in stimulating the demand side of capital, incentivizing businesses to invest more in commercializing innovation. The risk-sharing mechanism acts as a “bridge” connecting the capital supply and the demand for innovation, enabling them to occur simultaneously.

In the world ahead, economies will increasingly be driven by “intangible assets.” Countries that design “innovative finance systems” that allow capital and innovation to progress hand-in-hand will be able to sustainably enhance their growth potential and competitiveness through innovation.

Thailand needs to design an “innovative finance system” that is part of building an innovation ecosystem.

To truly drive the Thai economy through intellectual property and innovation, it is necessary to design and adapt the financial system to support an innovation-driven economy. This is not simply about allocating additional capital, but about making the financial system “willing to provide funding” and the business sector “willing to invest” at the same time, through the following four pillars:

1. Adjust lending criteria to accommodate intellectual property as collateral , reducing reliance on physical collateral and assessing business potential based on its ability to create future value. This will enable innovative businesses to access funding in line with the innovation and commercialization cycle.

2. Systematically implement a “risk sharing” mechanism between the government and the financial sector, ranging from loan guarantees and support for IP valuation costs to mechanisms for assuming default risk, in order to remove limitations in risk management for financial institutions and increase incentives for lending to innovation.

3. Develop a central database system and practical IP valuation standards to provide the funding side with reliable information and tools to assess the risks of innovative businesses, reduce uncertainty, and facilitate greater capital flow into commercially viable innovative businesses.

4. Create “demand” incentives to encourage continuous investment in innovation development. Without a starting point for the demand for high-quality innovations to create business opportunities, innovation cannot truly be commercialized and create added value for the Thai economy.

These four pillars must be driven simultaneously through key stakeholders such as the Ministry of Finance, the Department of Intellectual Property, the Office of National Science and Technology Development Agency (NSTDA), the Bank of Thailand, and the Thai Bankers’ Association, in collaboration with the internationally recognized organization, the World Intellectual Property Organization (WIPO), which specializes in this area. Only then will the Thai financial system successfully function as a “link” between capital, innovation, and the enhancement of Thailand’s long-term economic growth potential.

Other People are Reading

A new tax proposal targeting high-end second homes in New York City is drawing renewed attention to the growing financial pressures facing the state as leaders look for new revenue streams to close persistent budget gaps.

FOX Business’ Madison Alworth joined “The Big Money Show” to report on the proposal, which would apply to second homes in New York City valued above $5 million, imposing an annual surcharge on properties that are not used as primary residences.

The measure comes as state leaders grapple with an estimated $2.2 billion budget deficit in New York state, while also confronting a shrinking tax base tied to the out-migration of high-income residents.

BILLIONAIRES AND BUSINESSES FUEL GROWING EXODUS FROM BLUE STATES

Policymakers have increasingly pointed to wealthy taxpayers as a key source of revenue to sustain public spending commitments.

Governor Kathy Hochul speaking during the 2026 State of the State  (Steve Pfost/Newsday RM / Getty Images)

“I need people who are high-net-worth to support the generous social programs that we want to have in our state,” New York Gov. Kathy Hochul told Politico in March. 

“If you want to be supportive … the first step should be go down to Palm Beach and see who you can bring back home because our tax base has been eroded.”

RED & BLUE DIVIDE: STATES PUSH COMPETING TAX PLANS AS VOTERS WEIGH CHANGES IN ELECTION CYCLE

The proposal aims to generate roughly $500 million annually, though industry groups argue the broader economic impact could extend beyond targeted homeowners, potentially affecting construction activity, property values and overall costs.

The debate underscores a wider tension playing out across high-tax states, where efforts to raise revenue are increasingly intersecting with concerns about competitiveness, investment and long-term economic growth.

FOREIGN BUYERS EYE LUXE LA HOMES AS PROPOSED WEALTH TAX PUSHES BILLIONAIRES OUT OF CALIFORNIA

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Foreign hackers are looking to exploit vulnerabilities in Americans’ internet routers and the FBI is offering tips for securing your home or office routers after it announced actions it took to crack down on a Russian hacking unit.

Last week, the FBI and Justice Department announced that they conducted a court-authorized operation to neutralize a U.S. portion of a network of small office/home office (SOHO) routers that were compromised by a unit within Russia’s Main Intelligence Directorate of the General Staff (GRU) Military Unit 26165.

The GRU used the routers to facilitate malicious Domain Name System (DNS) hijacking operations against worldwide targets of intelligence interest to the Russian government, including individuals in the military, government, and critical infrastructure sectors. They used known vulnerabilities to steal credentials for thousands of TP-Link routers, manipulating those routers’ settings to direct requests to GRU-controlled servers.

“The FBI has determined that Russian GRU cyber actors have compromised vulnerable routers in the U.S. and around the world, hijacking them to conduct espionage,” Brett Leatherman, assistant director of the FBI’s Cyber Division, told FOX Business. “Unsuspecting Americans in at least 23 states owned routers that were exploited by Russian military intelligence. Given the scale of this threat, the FBI conducted a court-authorized operation to disrupt the GRU’s access to compromised devices within the U.S.”

US BANS NEW FOREIGN-MADE CONSUMER INTERNET ROUTERS OVER SECURITY CONCERNS

Russian military hackers exploited thousands of small office/home office (SOHO) routers, prompting the FBI to intervene. (Getty Images)

The operation involved collecting evidence from the compromised routers, resetting their DNS settings to ensure they aren’t directed to the GRU’s DNS resolvers and preventing Russia from exploiting the original means of access.

The government said in court documents that it extensively tested the operation on firmware and hardware for affected TP-Link routers, and other than blocking the GRU’s access, it didn’t impact the routers’ normal functionality or collect the legitimate users’ content information.

CRYPTO FRAUD TOPS FBI’S ANNUAL CRIME REPORT AS AMERICANS LOSE BILLIONS TO SCAMS

The FBI and DOJ put out a public service announcement on steps Americans should take to secure their routers. (Graeme Sloan/Bloomberg via Getty Images)

Leatherman said that, “Along with that effort, the FBI, NSA, and international partners from 15 countries released a Public Service Announcement with technical information and defensive guidance. While rebooting your router can mitigate some threats, it will not address this one.”

The PSA encourages users of SOHO devices to replace end-of-life and end-of-support routers; upgrade to the latest available firmware; verify the authenticity of DNS resolvers listed in router settings; and review and implement firewall settings to prevent the unwanted exposure of remote management systems.

MICROSOFT IDENTIFIES CHINESE HACKING GROUPS BEHIND PERSISTENT SHAREPOINT SERVER ATTACKS

Russian military hackers exploited routers in 23 states, prompting the FBI’s action. (iStock)

Users are also encouraged to navigate to the official TP-Link website and review documentation for their affected in the download center to learn about proper configurations. Additionally, they should ensure their routers are upgraded to the latest firmware and review the end-of-life products list to determine if their routers should be replaced.

“We urge all owners of small office/home office (SOHO) routers to replace end-of-support devices, update to the latest firmware versions, change default usernames and passwords, disable remote management interfaces from the internet, and stay alert for certificate warnings in web browsers and email clients,” Leatherman said.

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Take the remediation steps outlined in our PSA, because defending our networks requires all of us,” he added.

Olivia Tan

All right. Welcome, everyone, to our webinar today on an Iran war update focusing on energy market volatility. My name is Olivia Tan, I’m one of the consultants of Onyx, and I will introduce our speakers for today’s event very shortly.

We offer a different webinar topic each month. This month, our team will be diving into the energy market impacts from the Iran war. As the Iran conflict drags on, disruptions to energy supply are feeding into higher energy costs, fuel cost and fuel surcharges. Join our Onyx analysts today as we dissect the energy landscape, focusing on potential pathways in the next few weeks and months.

So before we begin with the content, a few administrative details to cover. We are recording this event, and we’ll be offering it in a couple of other sessions this month. If you are watching on one of these additional sessions, you won’t have live Q&A available, but we would like to hear from you. For Q&A, just submit your question, and we will review and get back to you accordingly.

For the live session, we’ll save some time at the end to address them. And for the other sessions, we’ll review at the end of the event. To get a copy of the slides, look out for a survey sent after the webinar, and completing that will allow you to download these materials. Otherwise, we have about 45 minutes of content and discussion to share, and we’ll start very soon.

On to our LinkedIn and Vantage Point material, we encourage you to read

INDIO, California — As the Coachella Valley Music and Arts Festival wraps its 2026 run with headliners Sabrina Carpenter, Justin Bieber and Karol G drawing massive crowds to the Empire Polo Club, one name remains conspicuously absent from the lineup and stage: Taylor Swift. In a nearly two-decade career filled with stadium tours, awards shows and select festival appearances, the global superstar has never taken the Coachella stage — a fact that continues to puzzle fans and fuel endless online speculation.

Swift has attended the desert festival multiple times as a spectator. She was spotted in 2016 with then-boyfriend Calvin Harris and returned in 2024 with Travis Kelce, dancing and enjoying sets without stepping behind a microphone. In 2026, reports placed the couple at the event supporting friends and soaking in the atmosphere, yet once again she performed nowhere on the grounds.

Industry insiders and analysts point to a combination of strategic, logistical and personal reasons for the ongoing absence. At the peak of her career, Swift prioritizes full control over her productions in ways that clash with the festival format. Coachella slots typically last 45 to 90 minutes even for headliners, with shared production elements, variable sound quality and less flexibility for the elaborate storytelling, costume changes and massive video setups that define Swift’s Eras Tour-style spectacles.

Her stadium shows generate far higher revenue than a single festival payday. Headliners at Coachella can earn between $4 million and $12 million, a fraction of what Swift clears from multi-night arena or stadium runs where tickets routinely sell for hundreds or thousands of dollars on the secondary market. Insiders note that booking Swift would require Goldenvoice, the festival promoter, to allocate an outsized portion of the budget, potentially limiting the diversity of the rest of the lineup and altering the event’s eclectic appeal.

Security concerns represent another significant barrier. Swift’s high-profile status demands extensive protection, including large teams of bodyguards and advanced systems refined during her record-breaking tours. Open festival grounds with tens of thousands of attendees, general admission areas and unpredictable crowd dynamics make it far harder to guarantee the controlled environment she maintains in her own venues. Past incidents, including overzealous fans attempting to approach her on stage, have led her team to invest heavily in safety protocols that are easier to enforce in ticketed, seated or restricted stadium settings.

Swift’s preference for precision and intentionality also plays a role. Coachella thrives on spontaneity, surprise guest appearances and a free-spirited desert vibe that can include variable weather, dust and logistical challenges. The singer has built her brand on meticulously planned, fan-centric experiences where every element — from setlist narratives spanning her musical eras to seamless technical execution — aligns with her vision. Festival constraints often require scaled-back productions that do not match the immersive quality her audiences expect.

Earlier in her career, Swift did perform at various festivals while building her profile. During the Fearless era around 2009, she appeared at events like the Florida Strawberry Festival, Houston Livestock Show and Rodeo, and international dates such as Summer Sonic in Japan. She headlined smaller promotional shows and radio festivals, but as her stardom exploded with the transition to pop on 1989 and beyond, her schedule shifted toward self-contained arena and stadium tours that allowed complete artistic oversight.

Plans for festival-heavy appearances were disrupted by the COVID-19 pandemic. Lover Fest, announced in 2020 as a series of stadium and festival dates including potential international stops, was canceled due to health concerns. Rumors swirled about a Glastonbury headline slot that same year, which also fell through. By the time live music resumed, Swift had pivoted to the ambitious Eras Tour, a 151-show global juggernaut that wrapped in late 2024 and became the highest-grossing tour in history. The demand and scale of that production made smaller or shared festival bills less appealing.

In 2026, Swift appears to be prioritizing personal life over new touring commitments. Insiders report her focus remains on time with fiancé Travis Kelce, wedding planning and creative work on future projects without the immediate pressure of a full-scale tour. Recent rumors linking her to Coachella — including false claims she might replace a headliner or make a surprise appearance — were quickly debunked. No official invitations or negotiations have surfaced publicly, and her team has stayed silent on the topic.

Fan discussions on platforms like Reddit and Threads highlight additional theories. Some suggest Swift simply does not enjoy the festival environment, with its emphasis on discovery across multiple stages rather than a singular headline moment. Others point to past public scrutiny, including the 2016 “Kimye” drama during her 1989 era, as a factor in her more guarded approach to high-visibility, less-controlled settings. Coachella’s reputation for celebrity sightings and paparazzi attention could also conflict with her desire for curated public moments.

Despite the absence, Swift’s cultural influence still looms over the festival. In 2024, her attendance with Kelce generated more headlines than many performances, demonstrating her ability to dominate conversations without singing a note. Swifties have long manifested a Coachella debut, with some buying tickets in past years based on unconfirmed rumors. Yet as of 2026, those dreams remain unfulfilled.

Comparisons to other superstars underscore the uniqueness of her stance. Artists like Rihanna, Adele and even some peers in pop have also skipped Coachella headlining slots, often citing similar control or financial calculations. Beyoncé used her 2018 Coachella performance — dubbed “Beychella” — as a landmark cultural moment, but Swift’s path has favored ownership of her narrative through albums, tours and films like the Eras Tour concert movie.

For Coachella organizers, landing Swift would represent a massive coup but comes with trade-offs. The influx of Swifties could overwhelm infrastructure, drive up secondary ticket prices dramatically and shift the festival’s identity toward a more mainstream pop event. Past lineups have balanced indie, electronic, hip-hop and global acts, a mix that might suffer if budget priorities tilt too heavily toward one superstar.

As Swift enters a new phase post-Eras, questions persist about her next moves. A potential new album cycle could bring fresh touring opportunities, but sources indicate no rush toward another marathon roadshow. Instead, selective appearances, creative projects and personal milestones appear to take precedence. Whether that ever includes a Coachella set — perhaps as a legacy-defining headline moment or surprise guest spot — remains unknown.

In the meantime, the desert festival continues without her on stage. This year’s edition featured theatrical sets, high-energy performances and the usual mix of emerging and established talent. Swift’s decision to observe rather than participate reinforces her carefully managed career strategy: maximizing impact while minimizing risks to her production standards, security and personal bandwidth.

Swifties continue to debate the “what if” scenarios online, with some accepting her absence as a sign of strength — she no longer needs festival validation to affirm her status. Others hope a future year might bring the long-awaited debut, especially if it aligns with a new era rollout.

For now, the Empire Polo Club remains one of the few major stages the 14-time Grammy winner has yet to conquer. Her choice reflects a deliberate path forged on her own terms: full creative command, economic maximization and protection of the fan experiences she crafts so meticulously. In an industry where artists often chase every spotlight, Swift’s consistent pass on Coachella stands as a quiet assertion of power — proving that sometimes the biggest star shines brightest by knowing exactly when and where to perform.

As Coachella 2026 fades into highlight reels and social media recaps, the conversation inevitably circles back to the one performer whose name sparks endless curiosity even in her silence. Taylor Swift’s non-performance has become its own kind of headline, underscoring that in the world of live music, strategic absence can speak as loudly as any setlist.