OSMEP says Thai SMEs to grow in 2020

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BANGKOK – The Office of Small and Medium Enterprise Promotions (OSMEP) has reported that the Thai economy is showing positive signs in early 2020, as startup entrepreneurs are learning ways to apply innovations and technology to enhance their business operations. The acting Director-General of the OSMEP, WimonkanKosumas, said today her agency expected the country’s economic growth to be 2.7 to 3.2% this year, while Thai SMEs are expected to grow 3.0 to 3.5%, thanks to the government’s economic stimulus measures and major infrastructure investments. Tourism and e-commerce are also expected to grow this year.

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Risk factors for Thai SMEs include the global economic slowdown, the trade war between the United States and China, the baht’s appreciation, the high level of household debt and the problem of financial accessibility. However, businesses are adapting to the digital economy by creating new products, and this is a positive sign.

This year, the OSMEP continues to focus on equipping new entrepreneurs with greater knowledge on utilizing innovations and technology to strengthen their operations. The agency will also help Micro SMEs raise the quality standards of their products and services and use technology to expand their businesses. The OSMEP plans to increase the competency of some 380,000 SMEs this year.

The situation in the Middle East has affected some sectors, but demand for Thai SMEs’ food and consumer products is still high. The OSMEP is closely monitoring the situation in the Middle East.