More than 4,500 Thai businesses went bust in the first five months of 2022, up 17% from last year despite loosening coronavirus restrictions.
But it was not just the pandemic that destroyed businesses in Pattaya, but the ongoing uncontrolled construction that blocks access to shops effectively killed them off one by one.
Jittakorn Wongkettakorn, deputy director-general of the Department of Business Development, said that, from Jan. 1 to May 30, 3.7% fewer businesses than last year opened as well.
In all, there were 33,640 new businesses registered with capital of 259 billion baht and 4,546 businesses that closed down. That leaves 837,840 registered businesses operating in the country.
Construction, real estate, food and entertainment businesses led the list of liquidated ventures who, despite looser restrictions, could no longer survive the pandemic.
While this year has seen fewer businesses launched than in 2021, May saw a 10% uptick with 5,917 new ventures registered, mostly in construction, property and restaurants.