Pandemic pushes millions of small Thai businesses into crisis

Before the pandemic tourism contributed about 20 per cent of the country's gross domestic product. - AFP

BANGKOK (Bloomberg): Many small and medium-sized enterprises, the backbone of Thailand’s economy, are struggling with crushing debt loads that could force them out of business as the latest wave of Covid infections dims the prospects for an economic recovery.

"This round is much worse than last year, and millions of operators are suffering, ” said Sangchai Theerakulwanich, chairman of the Federation of Thai SME, who submitted a proposal last month for the government to boost support to smaller businesses. "If the situation is prolonged to the end of the year the nation will be in crisis, with 80% of us going bankrupt.”