Bangkok: The president of the Federation of Thai Industries has called for increased support for small and medium-sized enterprises (SMEs) to boost their export capabilities amidst growing global economic uncertainties. Mr. Kriangkrai Thienukul, Chairman of the Federation, highlighted concerns over the unpredictable market conditions attributed to the 'Trump 2.0' policy, which have prompted the private sector to propose urgent measures to the Economic Stimulus Committee, led by the Prime Minister.
According to Thai News Agency, the proposed measures aim to mitigate the impact on SMEs that are facing challenges due to a slowdown in global trade. These measures include providing support to SMEs affected by export issues, addressing the high levels of household debt which stands at 16.5 trillion baht, and protecting small businesses from the influx of cheap foreign products in the domestic market. The Federation emphasizes that without such interventions, SMEs may resort to layoffs, further affecting the workforce and domestic consumption.
In response to the National Economic and Social Development Board's (NESDB) decision to revise the GDP forecast for 2025 from 2.8 percent to 1.8 percent, the Federation expressed that this adjustment is consistent with market expectations. The revision is seen as a reaction to the unforeseen external factors arising from the Trump 2.0 policy, which have led to a global GDP adjustment to 2.8 percent. This slowdown in global trade is impacting Thailand's economy, prompting a reassessment of initiatives like the 10,000 baht digital money transfer project. The government has already prioritized financial support for vulnerable groups and the elderly, acknowledging the need for substantial resources to bolster the domestic economy amidst the current economic storm.