Thailand’s small and medium-sized enterprises (SMEs) are expected to grow by 3.3% in 2013, in accordance with the country’s projected economic growth of 3%. As for 2014, the gross domestic product (GDP) for Thai SMEs is likely to grow by between 4.3 and 4.7%. The Director-General of the Office of Small and Medium
Thailand's small and medium-sized enterprises (SMEs) are expected to grow by 3.3% in 2013, in accordance with the country's projected economic growth of 3%.
As for 2014, the gross domestic product (GDP) for Thai SMEs is likely to grow by between 4.3 and 4.7%.
The Director-General of the Office of Small and Medium Enterprises Promotion, Mr. Patima Jeerapaet, said that there are currently 2.74 million SMEs, accounting for 98.5% of all enterprises in Thailand. They generate employment for 11.78 million people, representing 80.4% of the country's total employment.
According to the Office of Small and Medium Enterprises Promotion, the expansion of Thai SMEs in 2014 will be resulted from both domestic and external factors. For instance, household consumption is expected to grow by 8%, as people will save more thanks to the measures of personal income tax reduction and will earn more from the increase in daily minimum wage, while household debts are likely to drop and the interest rate still remains at a low level. The government expenditure will increase by 5%. These factors will contribute to SME growth in 2014.
Efforts will also be made to provide more opportunities for Thai SME operators to expand their markets in ASEAN. SMEs are considered integral to the economic development and growth of the ASEAN Member States, as they largely outnumber large enterprises in both quantity of establishments and share of the labor force they employ.