Thailand is a country with an economy depending on exports of goods and services. MSMEs is the real backbone of its economy. MSMEs also develop wealth and prosperity in the rural areas of the country. A recent study done by the Office MSMEs Promotion (OMSMEP) under Ministry of Industry, showed 3.2 million MSMEs around Thailand, 99% of total number of the enterprises that the nation has. This create 9.7 million jobs and 3.4 trillion bath of added revenue, which produced 37.2% of the country's GDP. (www.sumipol.com)
Overall, the research indicates that a variety of factors, including human resource management, access to capital, technology adoption, entrepreneurship skills, and infrastructure, have an impact on the growth and development in Thailand. MSMEs sector's significant contribution to Thailand's output also drives the rise of gradual export growth since 2017.
While the projected MSMEs growth is, indeed, impressive, the Thai government put a strong emphasis on ensuring that the prosperity is felt across all socioeconomic classes. The leaders now understand that there must be a whole-of-nation approach - with the government & private sector working together, and it has started with building a solid base.
During my walkabouts in Hat Yai city recently. I talked to many MSMEs entrepreneurs as an integral component of the country's economic and social development. They can make the biggest impact to achieve inclusive growth. Creating a solid base of economic growth will help them avoid the stops and starts for the country to accelerate total development.
I observed among developed countries, rarely do we find micro entrepreneurs. This is because the mobility is so fast that the micro-entrepreneurs quickly become small, the small entrepreneurs become medium and the medium entrepreneurs grow to become the large corporations. This is what we will see happening soon if our MSMEs find easy access to mentorship, markets and money. and the growth needs to be spread out across the country. This only shows the importance of encouraging fast growth & development of MSMEs.
Zulkifly Baharom is a content creator under the Newswav Creator programme, where you get to express yourself, be a citizen journalist, and at the same time monetize your content & reach millions of users on Newswav. Log in to creator.newswav.com and become a Newswav Creator now!
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