Krungsri SME Index|
Tourism -EEC to support
Krungsri 'Revealed' Survey Results Krungsri SME Index Sentiment Index Rebound Supporting Factors EEC SME All economic groups in the first quarter of 2019 have continued to grow well.
Mr. Sayam Prasitsirigul, Krungsri Head of SME Banking Group, said, “The latest result of Krungsri SME Index survey in the fourth quarter clearly showed that entrepreneurs have more confidence in the economic growth. Both small-sized and medium-sized enterprises from every industry in Bangkok and its vicinity, and in the provinces share the same view that the Thai economy is likely to expand further in the first quarter of this year, while the progress of EEC projects will be the main catalyst to build confidence of entrepreneurs in the eastern provinces of Rayong, Chonburi and Chachoengsao. Meanwhile, entrepreneurs in trade sector still have positive view on the economy, despite at lower rate than the previous quarter.”
The quarterly survey conducted nationwide during November 1-23, 2018 showed 71% of respondents were concerned about doing businesses in the next three months, due mainly to worries about the economy, followed by political situation and operating costs.
In addition, Krungsri conducted the survey about how SME entrepreneurs enhance their competitive advantage through outsourcing. The survey found that more than half of SME entrepreneurs (56%) do not hire outsourcing, especially those in small business and trade sector. However, for those hire outsourcing, the most popular outsourced jobs were finance and accounting (52%), followed by manufacturing (12%), transportation (10%) and human resources (6%). The main reasons behind outsourcing were the need for specialists (53%) and cost-saving (24%).
For the overall economic outlook, Krungsri Research forecasts the Thai economy would continue to grow by 4.1% in 2019, and domestic consumption will be a major driver of Thai economic growth. The private investment will enter into the upcycle after the capacity utilization rate of several industries hit multi-year highs. The acceleration of Public Private Partnership (PPP fast track) and the investment in mega infrastructure projects will gather steam this year, while private consumption will continue its growth momentum, driven by rise in both farm and non-farm incomes, and increase in non-farm employment.
Go To Lead