Thailand is seeing a solid economic recovery in the first quarter of 2023, reflected in the growth in new business registrations. Data from the Business Development Department released by Deputy Prime Minister and Commerce Minister Yurin Laksanavisit showed that more than 26,000 new businesses were registered in the first quarter, up 18% from last year.
The top 3 sectors that attract the most new businesses are real estate, construction and restaurant/hospitality. The most successful sector was real estate with 750 new business registrations (8%), followed by construction with 700 registrations (7%) and the restaurant/hospitality business with 440 registrations (5%).
However, among all registered businesses, 65% have a registered capital of less than 1 million baht, and only 0.3% have a capital of more than 100 million baht. This indicates that the majority of new businesses are small businesses that can be established even without large investments.
Rising levels of consumer and business confidence, as well as a slowdown in inflation, point to a stable recovery in the Thai economy. It is predicted that in the first half of 2023 the number of newly registered businesses will be about 40-42 thousand, and for the whole year - about 72-77 thousand.
It is important to note that over the past 5 years, 1,100 enterprises with a registered capital of 22,000 billion baht have closed in the country.
