The Role of Innovation Management in Driving Economic Growth in Thailand and Indonesia

Abstract

This study explores the critical role of innovation management in fostering economic growth in Thailand and Indonesia. As both countries strive to enhance their competitive edge in the global market, effective innovation management has emerged as a pivotal factor in driving sustainable economic development. The research highlights the unique challenges and opportunities faced by each nation in implementing innovative practices across various sectors, including technology, manufacturing, and services.In Thailand, government initiatives and public-private partnerships have facilitated a conducive environment for innovation, leading to significant advancements in industries such as tourism and digital technology. Conversely, Indonesia's diverse economy presents both challenges and opportunities, with a growing emphasis on entrepreneurship and digital transformation as key drivers of innovation.By analyzing case studies and current trends, this study underscores the importance of strategic innovation management in enhancing productivity, creating jobs, and attracting foreign investment. The findings suggest that both countries can benefit from adopting best practices in innovation management, fostering collaboration among stakeholders, and investing in research and development. Ultimately, this research contributes to a deeper understanding of how innovation management can serve as a catalyst for economic growth in emerging economies like Thailand and Indonesia.