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New Business Registrations Indicate Signs of Economic Recovery


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BANGKOK (NNT) - The Ministry of Commerce has released business registration figures for May, indicating that food and tourism businesses are gradually recovering as a result of the relaxation of travel regulations.

 

According to the ministry’s report, the number of new business registrations increased by 6% year on year in May, with new capital increasing by 30% to 14.3 billion baht. Among these new registrations, restaurants remained in the top three registration sectors for the fourth month in a row, trailing only general building construction and real estate businesses.

 

Jitakorn Wongkhatekorn, deputy director-general of the Business Development Department, stated that despite the fact that the number of registrations in the last five months has been lower than the same period last year, the prospects for new business registrations in the remaining months of 2022 are expected to improve, particularly in tourism-related businesses. The easing of travel regulations, as well as the government’s policy to support domestic tourism, will play an important role in boosting the tourism industry.

 

The Business Development Department anticipates 40,000-42,000 new business registrations in the first half of the year and 70,000-75,000 for the entire year, stating that this number would be consistent with economic recovery expectations. Despite these indications, the deputy director-general expressed concern about rising oil prices, the end of the cooking gas subsidy program, Covid-19 infections, and other factors complicating business recovery from the Covid-19 pandemic.

 

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around my area 3 month ago 6 new business started, they barely hired people and all close down last week... the Minister of Commerce numbers are misleading/wrong, maybe they work the same way (BS) as TAT  555

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New businesses registering to replace the prior businesses which closed.  It's a wash and many fewer actual businesses. Some who have closed may not have notified anyone they were done. 

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