Picture courtesy of Workday Blog
Small and medium-sized enterprises (SMEs) in Thailand are on the ropes, grappling with crippling debt and plummeting sales as the country’s economic engine sputters, warns the Federation of Thai Industries (FTI).
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Small and medium-sized enterprises (SMEs) in Thailand are on the ropes, grappling with crippling debt and plummeting sales as the country’s economic engine sputters, warns the Federation of Thai Industries (FTI).
The financial plight of these crucial businesses is worsening, says the FTI, with government support measures arriving too little, too late. Yet, the federation, the voice of Thailand’s SMEs, remains tight-lipped on the exact number caught in the liquidity trap or struggling to secure much-needed funding.
Earlier figures paint a bleak picture: 667 factories slammed their doors shut in the first half of 2024, a staggering 86.3% leap in closures from the previous year.
Gloomy prospects abound, with FTI Vice-Chairman ML Peekthong Thongyai blaming weak consumer spending and the upheaval caused by fierce floods in northern Thailand.
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