The Bank of Thailand (BOT) has reported a favorable trend in the business sector, noting that new business registrations are consistently outpacing closures. This trend indicates a robust economic environment without adverse impacts on employment levels. BOT Assistant Governor for the Monetary Policy Group Piti Disyatat highlighted the encouraging economic indicators, pointing out that capital investment and employment in newly registered businesses have increased.
In May 2024, the country witnessed the opening of 171 new factories, up from 143 in the same month the previous year, with a total investment of 16.8 billion baht. According to the Department of Industrial Works, employment in these factories rose to 9,836 in May 2024 from 3,936 in the previous year.
Data from the Business Development Department also showed a major uptick in new business openings in April 2024, with 6,530 businesses launching, compared to 6,041 in April 2023. The total registered capital for these new businesses reached 27.3 billion baht, a 30.5% increase from the year before. Business closures, meanwhile, saw a decrease of 13.5%.
The central bank is now working to improve credit access to support economic growth, especially among small and medium-sized enterprises (SMEs). Recent government measures include a 5 billion baht low-interest loan program and a 50 billion baht credit guarantee fund, part of the “IGNITE THAILAND” initiative to boost economic activity and support SMEs in gaining easier access to financial resources. (NNT)
