29  All speeches are available online at www.bankofengland.co.uk/speeches  29  Table 1: Estimates for Job Destruction and Creation from Automation (MIT (2018))  Jobs Destroyed  When  Where  Jobs Created  Predictor  2016  Worldwide  900,000 to 1,500,000  Metra Martech  2018  US jobs  3,078,340  Forrester  2020  Worldwide  1,000,000-2,000,000  Metra Martech  2020  Worldwide  1,800,000  2,300,000  Gartner  2020  Sampling of 15 countries  7,100,000  2,000,000  World Economic Forum (WEF)  2021  Worldwide  1,900,000-3,500,000  The International Federation of Robotics  2021  US jobs  9,108,900  Forrester  2022  Worldwide  1,000,000,000  Thomas Frey  2025  US jobs  24,186,240  2025  US jobs  3,400,000  2027  US jobs  24,700,000  2030  Worldwide  2,000,000,000  2030  Worldwide  400,000,000800,000,000  2030  US jobs  58,164,320  PWC  No Date  US jobs  13,594,320  OECD  No Date  UK jobs  13,700,000  IPPR  13,852,530  13,604,760  Forrester  ScienceAlert  14,900,000  Forrester  Thomas Frey  555,000,000890,000,000  McKinsey  Source: MIT Technology Review (2018) - https://www.technologyreview.com/s/610005/every-study-we-could-find-on-what-automationwill-do-to-jobs-in-one-chart/  30  All speeches are available online at www.bankofengland.co.uk/speeches  30  Chart 6: Wage premium for cognitive skills Real wage level of full time U.S. male workers relative to 1963 2.0 High School Dropout High School Graduate Some College Bachelor's Degree Greater than Bachelor's Degree  1.8 1.6 1.4 1.2 1.0 0.8  1963  1968  1973  1978  1983  1988  1993  1998  2003  2008  Sources: Autor (2014).

The effects of this digital revolution are far reaching. We have seen it affecting a wide spectrum of industries ranging from agriculture to automobile, encompassing a broad range of professions from farmers to financial professionals. Drones can now be used to monitor agricultural yields and provide logistic services. Artificial Intelligence (AI) can now predict certain forms of cancer more accurately than doctors and enable cars to be self-driven. From 3D printing, to genome mapping, to Internet of Things (IoT) and, very soon, Internet of Everything, the possibilities are limitless. As a country, how we respond to these challenges will determine Thailand’s position in the world economy and the path our future generations take. Of course, no one can accurately predict where this path of technological advancement will lead us to and how our digital future will unfold, but what we can be certain of is that traditional ways of conducting businesses have been upended and leaderships are being challenged. Board members and executives are faced with strategic risks that could threaten viability of their organizations if they do not make timely changes to their business models to remain relevant and competitive. Equally important is how to manage risks associated with this digital transformation. As all directors know well, executing successful strategic transformation is not an easy task. Executing successful digital transformation when the ecosystem is still evolving will be even more challenging. Ladies and gentlemen, Amidst these rapid technological advancements, I believe everyone here agrees that a wait-and-see strategy is inadequate.