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Thailand SME Sector

Thailand SME sector: Fighting covid

Thailand has almost 3 million SMEs including 400,000 small retail stores and close to one million in tourist based entrepreneurships. SMEs contribute up to 35% of the country’s GDP. 

According to Bloomberg, (July, 2021), Thai SMEs are dominated by trading and service companies, which are hard-hit by the outbreak.

2020 saw a bleak fall in this growth of SMEs in Thailand. Consecutive waves of covid massively impacted the Thai economy. A recent IMF report states that, ‘Thailand’s economy was hit hard by the COVID-19 pandemic last year. The country’s GDP fell by over 6 percent in 2020 and many workers, especially those related to the tourism sector, lost their jobs.’

The Thai SME sector took a big hit last year leaving almost 70,000 more people in poverty. 

Birgit Hansl, World Bank Country Manager for Thailand in a recent World Bank report stated that, “The economic shock associated with COVID-19 has adversely affected employment, incomes, and poverty, but the government’s comprehensive social protection response has been impressive in mitigating its impact.” Further adding that Thailand’s fiscal space is still sufficient to allow supporting measures to protect the poor and most in need in the months to come. 

The Thai government prioritizes health and safety and continues a sluggish Economic recovery. While keeping tabs on a flexible and careful coordination among the fiscal, monetary and financial sector policies. The government looks at a fiscal expansion focusing on public investment and protecting the vulnerable. 

“The (e-commerce) industry is one of the more resilient ones locally and globally… it plays a vital role in bolstering the Thai economy.”

SMEs too have innovated their outlook, innovating and going online to conduct businesses. Paul Srivorakul, writes to the Bangkok Posts in his article titled the changes brought by covid might have an upside for Thai consumers, businesses and economy, that the e- commerce sector grew by almost 50% in 2020 and that it continues to transform the Thai economy. “The (e-commerce) industry is one of the more resilient ones locally and globally… it plays a vital role in bolstering the Thai economy.”

Thus, it is apparent that SMEs that innovate and continue to move online keep growing. While the government looks for fiscal plans it is the entrepreneurs who have to work together to form and maintain partnerships in Thailand’s fight against covid.  

What can SalesPlay offer your business more than this ?

Pandemic-driven growth of grocery sector in Philippines

How can SalesPlay beat the odds of the lockdowns?

A free POS software that is cloud based, such as SalesPlay, is a convenient tool where a merchant or business can easily download through Google Playstore and start using it for free on any smart device.

  1. SalesPlay for universal accessibility: Viewing data, tracking inventory, expenses, sales and outlet performance is possible any time from anywhere. SalesPlay makes it possible for you to view real time data and access reports through the cloud accounting software.  
  2. Work smarter and faster: With the SalesPlay POS and cloud based accounting system you can gain accurate accounting results and transaction reconciliations. If you are a small business and not wanting to spend money on hiring an accountant, the SalesPlay POS and Cloud based Accounting system will give you that freedom and compliance, while freeing your time for growing your business and other more crucial matters 
  3. Secured privacy and data: the SalesPlay POS and Cloud based accounting software gives you a unique role based access control.  
  4. Reach out for advice: When ever you need clarity on a function or a goal like transferring a Purchase Order based on a GRN or how to get a report of creditors you can reach out to our customer success teams on social media or email and we will reach out for help  

If you have not yet availed SalesPlay Point of Sale Software, with the cloud-based accounting and compliance solution, then it is time to act fast and adopt the best accounting software.