About 20,000 SMEs close in first quarter of this year due to COVID-19

14 Sept 01:43 Key points summarised by AI

Approximately 20,000 small and medium enterprises (SMEs), predominantly in the tourism sector, closed in the first quarter of this year due to the COVID-19 pandemic, leading to a significant increase in redundancy claims.
Despite closures, about 23,000 new SMEs commenced operations, largely utilizing online platforms, and exports are steadily recovering thanks to economic improvements in developed nations.
The economic growth rate for SMEs is projected to contract by 4.8% for Q1, a steeper decline than initially forecast, primarily due to the second wave of COVID-19 impacting tourism-related businesses.
To mitigate impacts, the Office of SMEs Promotion (OSMEP) launched a 50:50 stimulus package, aiming to integrate 100,000 SMEs into government procurement, though many SMEs still face challenges accessing financial support like soft loans.

New home loan scheme aims to boost property sector with Bt125 billion

Today 11:38 Key points summarised by AI

The Cabinet approved a new Bt50-billion 'A House for Each PLUS' home loan scheme from the Government Housing Bank, offering up to Bt3 million with 40-year repayment terms for low- and middle-income earners.
This initiative aims to significantly boost the property sector and national economy, projecting to generate Bt125 billion in economic activity and create jobs.