Number of MSMEs Thailand 2019-2023

In 2023, the number of micro, small, and medium enterprises (MSMEs) in Thailand reached around 3.2 million. The wholesale and retail trade sector was the largest MSME sector in Thailand in that same year, followed by the service sector. The number of MSMEs has shown an increase in recent years, and the GDP of the MSME sector showed continued growth in 2023.

 SMEs in Thailand

According to the Office of Small and Medium Enterprises Promotion of Thailand, there are three types of SMEs in the country: micro, small, and medium enterprises. Micro enterprises are businesses that employ nine people or fewer and have a revenue income that does not exceed 1.8 million Thai baht per year. Small and medium enterprises are defined as businesses that employ 50 people or fewer and 200 people or fewer and have an annual revenue income of less than 100 million Thai baht and 500 million Thai baht, respectively. SMEs not only generate the growth of entrepreneurs in the country but also demonopolize and promote employment across the country.

 SMEs over large enterprises

  SMEs in Thailand play an important role in the Thai economic system. There are several advantages that SMEs have over larger businesses, for instance, less complicated budget management, close connections with customers, and flexibility in the workplace. However, there are also disadvantages for SMEs, including financial risks that companies need to be conscious of. In fact, during the first quarter of 2023, more than half of MSMEs in Thailand claimed to be in debt.