Strengthening Small and Medium Enterprises (SMEs) and fostering innovation key to Thailand's future competitiveness.
In a recent press release, the focus is on strengthening Thailand's economy and promoting the growth of small and medium-sized enterprises (SMEs) and digital start-ups. The release highlights that these sectors hold significant promise to become a stronger driver of future growth in Thailand.
The rebound in investment, supported by higher budget execution and implementation of pipeline infrastructure projects, is driving the country's growth. Key topics under discussion include economy, financing, infrastructure, investment, supply chain, trade, and innovation. However, challenges remain, such as the need to reduce high household debt, revitalise private investment, and ensure fiscal sustainability amid rising spending needs caused by climate risks and population ageing.
The current economic minister of Thailand could not be determined from the available search results. However, it is reported that on September 5, 2025, Anutin Charnvirakul, a conservative-populist politician, was elected as the new Prime Minister by the Thai parliament. The press release does not provide specific information about current measures to strengthen Thailand's economy or to promote the growth rate of SMEs and start-ups.
To equip workers with the necessary skills to drive innovation and business expansion, education and training programs on digital and entrepreneurial skills are being advocated. SMEs and start-ups in Thailand face significant barriers to accessing finance, technology, and international markets. To address this, enhancing regulatory frameworks, especially for competition, trade, and investment, and expanding financial support are needed.
The ongoing economic recovery and the government's 10,000-baht cash transfer program have contributed to a decline in the poverty rate in Thailand. In 2024, the poverty rate declined to 8.2%, down from 8.5% in 2023. Tourism and private consumption have also supported growth, with tourism projected to return to pre-pandemic levels by mid-2025.
Economic growth in Thailand is projected to rise to 2.9% in 2025, up from 2.6% in 2024. This growth is expected to continue as the government and private sector work together to address the challenges facing SMEs and digital start-ups, and to create a more favourable environment for business expansion and innovation.
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