Thorobred Ideas and Small-to-Medium Enterprises Pivotal for Thailand's Competitive Tomorrow

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In 2024, Thailand saw a notable decline in its poverty rate, dropping from 8.5% to 8.2%. This encouraging development can be attributed to the ongoing economic recovery and the government's 10,000-baht cash transfer program.

The Organisation for Economic Co-operation and Development (OECD) has highlighted small and medium-sized enterprises (SMEs) as a significant force in Thailand's future economy. To help SMEs and start-ups overcome barriers, the OECD recommends measures such as improving access to finance, enhancing technological adoption, and facilitating entry into international markets.

Despite the recovery outpacing earlier projections, Thailand's GDP remains below its potential level. To fuel growth, expanding financial support and education and training programs on digital and entrepreneurial skills are essential.

Tourism and private consumption have also played a significant role in the growth, with tourism projected to return to pre-pandemic levels by mid-2025.

Economic growth in Thailand is projected to rise to 2.9% in 2025, up from 2.6% in 2024. This growth is mainly driven by a rebound in investment, supported by higher budget execution and the implementation of pipeline infrastructure projects.

However, challenges remain. The need to reduce high household debt, revitalise private investment, and ensure fiscal sustainability amid rising spending needs caused by climate risks and population ageing are critical issues that need to be addressed. Developing digital start-ups is crucial for future competitiveness and requires enhancing regulatory frameworks, especially for competition, trade, and investment.

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In conclusion, Thailand's economy is showing promising signs of growth, with SMEs and start-ups holding significant promise to become a stronger driver of future growth. However, challenges remain, and addressing these issues is crucial for continued success.