FTI Reports Increasing Economic Struggles for Thai SMEs
The Federation of Thai Industries reports that small and medium-sized enterprises in Thailand are facing increased financial difficulties due to debt, declining sales, and significant flood damage, estimated at thirty to fifty billion baht. The competitive pressure from low-cost Chinese products further exacerbates the situation. The Industry Ministry plans to introduce low-interest loans to aid the SMEs' financial struggles.
The Federation of Thai Industries (FTI) reports a rise in financial difficulties among small and medium-sized enterprises (SMEs) in Thailand due to debt, declining sales, and recent natural disasters.
The FTI estimates flood damage in the North to be 30-50 billion baht, affecting households and businesses, and contributing to the dip in the Thai Industries Sentiment Index from 89.3 in July to 87.1 in September.
Additionally, the influx of low-cost Chinese products is impacting local SMEs.
Despite these challenges, government assistance has been slow to provide relief.
In an effort to mitigate these issues, Industry Minister Akanat Promphan announced plans to introduce low-interest loans totaling 1.9 billion baht to improve SMEs' liquidity and competitiveness.
The FTI estimates flood damage in the North to be 30-50 billion baht, affecting households and businesses, and contributing to the dip in the Thai Industries Sentiment Index from 89.3 in July to 87.1 in September.
Additionally, the influx of low-cost Chinese products is impacting local SMEs.
Despite these challenges, government assistance has been slow to provide relief.
In an effort to mitigate these issues, Industry Minister Akanat Promphan announced plans to introduce low-interest loans totaling 1.9 billion baht to improve SMEs' liquidity and competitiveness.
