OSMEP expects that SME GDP in 2023 will expand by 4 percent, valued at 6.44 trillion baht, while in 2024 there is a trend of continued expansion at 4-5 percent. The main factor still comes from tourism and export including foreign investment funds
Mr. Weeraphong Malai Director of the Office of Small and Medium Enterprises Promotion (OSMEP) revealed that the overall SME economy in 2023, SME GDP continues to grow at a higher level than the country's total GDP, indicating the recovery of SMEs from the COVID situation. -19 Continuously, in the first 3 quarters of the year, SME GDP expanded by 3.7%. This year's overall picture will grow up to 4%, or a value of 6.44 trillion baht, which is a slowdown in growth as a result of caution in using public payment Employment expanded slightly at 1.8 percent.
Meanwhile, inflation began to decline after being very high in 2022 as a result of raw material prices and fuel prices that increased during that period. It also has an effect on interest rate increases from both the United States and Thailand. Debt burden and debt repayment of entrepreneurs. SME exports in the first 10 months have a value of 1.1 trillion baht, expanding by 27.2% from the same period of 2022. It is expected that for the entire year 2023, SME exports will be able to Expanded by 28% or will be worth 1.35 trillion baht and most importantly, the number of foreign tourists expanded as expected, causing GDP SMEs in the trade and service sectors to grow higher than other business sectors.
As for 2024, OSMEP predicts that the GDP SME growth trend will be between 4-5%, with supporting factors from tourism and export trends. Including investment funds from foreign countries that keep coming in. But there are still matters that need to be followed closely. Whether it is the conflict situation and geopolitical conflicts in various regions, household debt problems that may affect people's purchasing power. Interest rates that have increased Including problems caused by climate change. This is a challenge for SMEs to adapt so that their businesses can continue to operate.
Advise SME entrepreneurs to adapt to deal with the trend of green business towards sustainability. Because in addition to helping with the marketing image of SME products and services, it also supports the strategic goals of the country in driving the BCG Model and creating good results for our world in the long run as well.- 517
Source: Trend News Agency