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Government to launch SME co-pay project

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BANGKOK (NNT) – Response to the government’s half-half co-payment campaign, aimed at easing people’s financial burden, has been overwhelmingly positive. The government is to launch the SME co-pay project by mid-2021 to help small and medium-sized enterprises (SMEs) reduce costs while enhancing their competitiveness.

The Government Spokesman, Anucha Burapachaisri, said today that the government is preparing additional measures to help Thai SMEs, with the Office of Small and Medium Enterprises Promotion (OSMEP) paying 50 to 80 percent of their various expenses, such as fees for product testing, certification registration, business consultation relating to accounting, agriculture and food standards. These expenses can be costly and may hinder the SMEs’ product development and services. To be eligible, the enterprises have to submit their tax filings to the OSMEP and register with the agency.

The government is expected to launch the SME co-pay project by the middle of this year. In addition, more than 3.1 million SMEs will be able to further improve the quality of their products and services to meet the needs of each industry. They will be given opportunities to showcase their products and services that conform to international standards. This is a new project of the government to revive and strengthen small businesses.

Concerning the soft loan measure, the Bank of Thailand (BOT) and the Ministry of Finance are considering adjusting its criteria to improve accessibility and increase loan volume. In addition, the Asset Warehousing project enables creditors, or banks, to purchase assets to prevent them from being seized or shut down. Cabinet ministers will examine the details.

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Economics

World Bank lowers Thai GDP growth outlook to 2.2%

In the Thailand Economic Monitor released today, the World Bank adjusted its outlook on Thailand’s economic growth this year to just 2.2% from its previous forecast of 3.4%.

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BANGKOK, July 15, 2021 – Thailand’s economy continues to take a heavy toll due to the COVID-19 pandemic and is projected to expand modestly at 2.2 percent in 2021, revised down from the 3.4 percent growth projected in March, according to the World Bank’s latest Thailand Economic Monitor “The Road to Recovery” published today.

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Economics

Thailand’s Economy and COVID-19: Five Things to Know

Thailand’s GDP fell by 6.1 percent in 2020, the largest contraction since the Asian financial crisis. The tourism sector, which accounts for about a fifth of GDP and 20 percent of employment, has been especially affected by the cessation of tourist travel.

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Like many countries, 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.

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