This chapter provides an overview of key indicators in the Thai economy and a comparison with those of selected peer countries. It also provides an in-depth overview of the demographics, capital structure, investment and performance of non-financial companies in Thailand, comparing them with selected peer countries.
OECD Capital Market Review of Thailand 2025
Abstract
Over the past decade, Thailand has maintained moderate GDP growth, albeit at a slower pace than many of its regional counterparts. While investment has contributed to growth, particularly through public infrastructure spending, overall investment has declined substantially. Meanwhile, both household and public debt have risen considerably, with household debt reaching about 90% of GDP and public debt surpassing 60%. This has raised concerns about financial vulnerabilities and the economy’s capacity to support future growth. Against this background, this chapter provides an overview of key economic indicators in Thailand’s economy and compares them with selected peer countries. It analyses non‑financial Thai companies’ demographics, capital structure and long-term performance.
Thailand has experienced substantial economic growth over the past two decades, supported by structural reforms, a business-friendly environment and broadly stable macroeconomic conditions. Between 2000 and 2024, the country’s average GDP growth rate was 3.3%, driven mainly by a shift from an agriculture‑based economy to export-oriented manufacturing (OECD, 2020[1]). This transformation, coupled with strong foreign direct investment inflows, has integrated Thailand’s manufacturing sector deeply into global value chains, allowing the country to benefit significantly from robust external demand. This transformation‑led economic growth has contributed to consistently low unemployment rate, which has hovered around 1%, reflecting a strong labour market.
Note: Investment refers to Gross Fixed Capital Formation (GFCF).
Source: ILOSTAT (2025[2]), Statistics on labour productivity, https://ilostat.ilo.org/topics/labour-productivity/; IMF (2025[3]), World Economic Outlook Database, https://www.imf.org/en/Publications/WEO/weo-database/2025/april; World Bank (2025[4]), Open Data, https://data.worldbank.org/.
Despite the growth, Thailand’s GDP is expanding at a slower pace than that of peer countries (Figure 2.1, Panel A). The momentum begun to wane well before the pandemic: annual growth slowed from an average of 4.3% in 2000-2009 to 3.6% in 2010-2019, placing Thailand behind faster-growing regional peers. The pandemic further deepened the slowdown. Real GDP contracted by 6.1% in 2020 and, despite a subsequent rebound, real GDP did not return to its 2019 level until 2024. This sluggish recovery reflects long-standing structural weaknesses, including declining private and public investment, a shrinking and ageing labour force, and a large informal sector with limited social coverage. The pandemic also impacted the Thai tourism industry: international arrivals in 2024 recovered to only 89% of their 2019 peak, curbing services-export earnings and household incomes (IMF, 2025[5]). In addition, rising global trade uncertainty has further dampened Thailand’s growth outlook. Exports account for approximately 65% of GDP, increasing the country’s vulnerability to trade tensions.
In light of these external risks, the National Economic and Social Development Council of Thailand projects GDP growth of between 1.8% and 2.3% for 2025, lower than the 2.5% recorded in 2024 (Office of the National Economic and Social Development Council, 2025[6]). At the end of 2024, Thailand’s GDP per capita stood at around USD 6 500 (in constant 2015 USD), well below Malaysia’s USD 11 868 and Singapore’s USD 67 707.
Note: In Panel A, the figures for 2025 to 2028 are forecasts. Panel B reports GDP per capita in constant 2015 USD.
Source: IMF (2025[3]), World Economic Outlook Database, https://www.imf.org/en/Publications/WEO/weo-database/2025/april; World Bank (2025[4]), Open Data, https://data.worldbank.org/.
Inflation in Thailand has remained low, with headline inflation averaging 1.9% between 2000 and 2024, significantly lower than peer countries (Figure 2.2, Panel B). Headline inflation has decreased further in recent years, primarily due to moderate wage growth and declining energy prices. Inflation fell to -0.8% in 2020but surged to 6.1% in 2022, driven by a sharp rise in global energy and commodity prices. This spike was short-lived, as inflation dropped to 0.4% in 2024, supported by government interventions, including central bank interest rate hikes and fuel subsidies, placing it below the BOT’s official target range of 1-3%.
Source: IMF (2025[3]), World Economic Outlook Database, https://www.imf.org/en/Publications/WEO/weo-database/2025/april; World Bank (2025[4]), Open Data, https://data.worldbank.org/.
The unemployment rate in Thailand have historically been low, remaining consistently below 1% over the past decade. The country’s labour market remained resilience even during periods of significant economic stress. For example, during the pandemic, the increase in unemployment was modest, peaking at just over 1.2% in 2021. This can largely be attributed to Thailand’s large informal sector, which provided a flexible buffer for labour absorption, helping to mitigate the impact on the formal labour market (Bank of Thailand, 2023[7]).
Despite these generally favourable aggregate figures, several challenges persist. Youth unemployment remains significantly higher than the national average, reaching 4.3% in 2024, indicating barriers to labour market entry for young people. Moreover, the Thai labour market is experiencing notable shortages across various occupations and industries, reflecting structural mismatches between worker qualifications and available positions (Vandeweyer et al., 2020[8]).
GDP growth has been largely driven by consumption. From 2000 to 2024, consumption accounted for 78% of real GDP growth, with 60% coming from private consumption and 18% from public consumption (Figure 2.3, Panel A). Meanwhile, gross fixed capital formation contributed about 22%.
As economic growth slowed, private consumption’s absolute contribution to GDP growth declined from an average of 2.5 percentage points in 2000-2012 to 1.6 in 2013-2024. In response, authorities introduced two stimulus packages in 2019 totalling THB 460 billion (2.7% of GDP) to support households. Investment weakened even more, with its contribution to GDP growth falling from 32% to 12%, reflecting structural challenges and low investor confidence.
The pandemic further exacerbated these trends. In 2020, both consumption and investment contracted, and exports collapsed, driving GDP growth into its largest fall during the last two decades. Since then, however, private consumption has led the rebound, supported by targeted fiscal support. This resurgence was strong enough to raise aggregate growth rate to 2.6% in 2022, and 2.5% in 2024.
Source: Office of the National Economic and Social Development Council, National Accounts of Thailand 2024
https://www.nesdc.go.th/en/info/national-accounts/.
Thailand’s current account has run surpluses for most of the past two decades, supported by strong exports and tourism (Panel B). The pandemic reversed this trend, causing deficits in 2020-2022, but the recovery in the services sector restored surpluses in 2023-2024.
Investment, however, has fallen sharply: gross fixed capital formation dropped from 27% of GDP in 2012 to about 23% since 2017, well below Indonesia (32%) and Viet Nam (30%) (Figure 2.4, Panel A). The decline stems mainly from weaker private construction and transport equipment spending, which fell from 8.5% in 2012 to 5.5% in 2023 and from 4.2% to 3.3% of GDP, respectively (Panel B).
Source: World Bank (2025[4]), Open Data, https://data.worldbank.org/; Office of the National Economic and Social Development Council (2024[9]), National Accounts of Thailand 2023, https://www.nesdc.go.th/nesdb_en/ewt_news.php?nid=4540&filename=national_account.
Despite falling overall investment, Thailand’s R&D spending rose sharply to 1.3% of GDP in 2022 - more than double the 2013 level - driven mainly by the private sector, which accounted for about 70% of total R&D in 2020 (OECD, 2023[10]). Government measures, including Thailand 4.0’s 300% tax deduction for R&D expenses, have spurred this growth (Ministry of Industry, 2017[11]). Still, R&D intensity remains below Singapore’s 2% and short of Thailand’s 2% target for 2027 (NXPO, 2023[12]).
Source: World Bank (2025[4]), Open Data, https://data.worldbank.org/.
Between 2005 and 2024, Thailand’s labour productivity, measured by GDP per hour worked, increased 67% in line with regional peers (Figure 2.6, Panel A). A significant driver has been the reallocation of labour from the low-productivity agricultural sector to higher-productivity sectors such as manufacturing and services. At the end of 2024, Thailand’s GDP per hour worked stood at USD 17.9 measured at 2021 PPP, lower only than Malaysia among ASEAN peers (data for Singapore was available) (Panel B).
Importantly, the pace of productivity growth has decreased over the past decade. This slowdown may reflect diminishing returns from initial structural shifts and underscores the need for renewed focus on productivity enhancing strategies. Furthermore, wage growth has outpaced productivity growth (Panel C). This divergence impacts Thailand’s competitiveness. Despite wage growth, labour income share in Thailand’s GDP remained modest (Panel D).
Source: ILOSTAT (2025[2]), Statistics on labour productivity, https://ilostat.ilo.org/topics/labour-productivity/; ILOSTAT (2025[13]), Statistics on wages, https://ilostat.ilo.org/topics/wages/; ILOSTAT (2025[14]), Statistics on labour income and inequality, https://ilostat.ilo.org/topics/labour-income/.
Thai companies relied to a large extent on bank lending. At the end of 2023, Thailand’s domestic bank credit to the private sector stood at approximately 119% of GDP, one of the highest ratios in the ASEAN (Figure 2.7, Panel A). This reflects a well-developed banking sector that plays an important role in financing economic activities. Complementing the banking sector, non-bank financial institutions (NBFIs) also play a significant role, with assets amounting to nearly 60% of GDP in 2021. The NBFI loans grew more than three times between 2013 and 2023, and the number of institutions quadrupled from 28 to 111 (Bank of Thailand, 2024[15]).
Compared to peer countries, the banking sector in Thailand has a relatively higher share of NPLs (Panel B). During the pandemic, the banking sector experienced a rise in NPLs, peaking at 3.1% of total loans in 2020. The NPL ratio declined to 2.7% in 2024, indicating an improvement in asset quality. Despite the overall improvement, concerns persist regarding special mention (SM) loans, those that are overdue but not yet classified as non-performing loans. SM loans accounted for 6.7% of total loans in 2024 (Figure 2.8, Panel A). The risks are particularly pronounced among SMEs. In 2024, the NPL ratio for SMEs remained elevated at 7.2%, nearly unchanged from pandemic levels (Panel B). Moreover, SM loans within the SME sector increased to 13.4% in 2024, up from 11.8% in 2023.
Source: World Bank (2025[4]), Open Data, https://data.worldbank.org/; MAS (2025[16]), Commercial Banks: Non-Performing Loans by Sector (NPL), https://www.mas.gov.sg/statistics/monthly-statistical-bulletin/i-12a-commercial-banks-non-performing-loans-by-sector; MAS (2020[17]), Financial Stability Review, https://www.mas.gov.sg/-/media/mas/resource/publications/fsr/financial-stability-review-2020.pdf.
Source: Bank of Thailand (2025[18]), Loan Outstanding of Commercial Banks Classified by Asset Classification Type, https://app.bot.or.th/BTWS_STAT/statistics/ReportPage.aspx?reportID=829&language=eng.
Before the pandemic, Thailand maintained a conservative fiscal stance, keeping public debt around 40-45% of GDP (Figure 2.9). In 2020, a THB 1 trillion (6% of GDP) stimulus pushed the deficit to 7% in 2021, the highest since the late 1990s, prompting an increase in the debt ceiling from 60% to 70% of GDP (World Bank, 2021[19]). As support measures eased, the deficit fell to 1.3% in 2024, with debt at 63% of GDP, though upcoming fiscal stimulus is expected to increase it further (The Nation, 2025[20]).
It is important to note the difference between Thailand’s primary and total fiscal balances. Over the period 2010-2024, the average total fiscal deficit stood at -1.3% of GDP, while the average primary deficit was approximately -0.2%. Moreover, this gap has widened slightly over time, increasing from 0.9% in 2017 to 1.3% in 2020, before easing slightly to 1.2% in 2023. As illustrated in Panel D, interest payments as a share of total government revenue have also risen overall since 2016, reaching 5.7% in 2023.
Source: IMF (2025[3]), World Economic Outlook Database, https://www.imf.org/en/Publications/WEO/weo-database/2025/april; World Bank (2025[4]), Open Data, https://data.worldbank.org/.
Micro, small and medium-sized enterprises (MSMEs) are an important part of the Thai economy. Their dynamic nature contributes significantly to innovation and economic development. At the end of 2023, MSMEs accounted for 99.5% of all enterprises in Thailand. This is comparable to peer countries, where MSMEs account for between 96.9% and 99.9% of all enterprises (Table 2.2). Micro and small enterprises, in particular, dominate Thailand’s business landscape, representing 84.5% and 13.5% of all enterprises, respectively, and 98% in total. Meanwhile, medium-sized enterprises make up just 1.5% of total enterprises and large ones 0.5%. This pattern mirrors trends in Indonesia and the Philippines, where micro and small enterprises also constitute over 98% of businesses. By contrast, medium and large enterprises represent a significantly lower share in Thailand than in Malaysia and Singapore, where these categories together make up approximately 5%.
Importantly, Thailand has a relatively high number of businesses relative to its population. There is an average of 45 companies per 1 000 citizens, significantly higher than in peer countries such as the Philippines (11) and Viet Nam (6). One contributing factor to this could be the relatively facilitative environment for business establishment. In recent years, the Thai government has introduced several initiatives aimed at streamlining the business setup process. One such initiative is the One Start One Stop Investment Center, which consolidates investment-related services to simplify procedures for investors and entrepreneurs (Thailand Board of Investment, 2025[21]).
Note: There is no common definition for MSMEs across ASEAN countries and this impacts the differences in the distribution. See the Annex for more detail. The data for Indonesia and Viet Nam correspond to 2019 (the latest available).
Source: Thai Office of SMEs Promotion, (2025[22]), Number of medium and small enterprises, https://data.go.th/en/dataset/gdpublish-msme; Ministry of Cooperatives and Small and Medium Enterprises in Indonesia (2021[23]), Data Development of Micro, Small, Medium Enterprises (MSMEs) and Large Enterprises (UB) in 2018-2019, https://satudata.kemenkopukm.go.id/arsip/2; SME Corporation Malaysia (2024[24]), Profile of MSMEs (2015-2023), https://www.smecorp.gov.my/index.php/en/policies/2020-02-11-08-01-24/profile-and-importance-to-the-economy; PSA, (2023[25]) 2023 Philippine MSME Statistics in Brief, https://dtiwebfiles.s3.ap-southeast-1.amazonaws.com/MSME+Resources/2022+Philippine+MSME+Statistics+in+Brief.pdf; Singapore Department of Statistics (2025[26]), Enterprises, https://www.singstat.gov.sg/find-data/search-by-theme/industry/enterprises/latest-data; Ministry of Planning and Investment in Viet Nam, (2020[27]), Enterprises, https://www.gso.gov.vn/en/px-web/?pxid=E0524&theme=Enterprise; ADB (2024[28]), 2024 Asia SME Monitor, https://data.adb.org/dataset/2023-asia-small-and-medium-sized-enterprise-monitor.
The size distribution of enterprises in Thailand has remained relatively stable, while the total number of enterprises has increased significantly over the past decade. Between 2011 and 2023, the number of registered enterprises increased by 26%, with growth observed across all size categories. The overall distribution has remained largely unchanged. In absolute terms, these changes are even more striking: the number of medium-sized enterprises increased by 57%, from 29 954 to 47 155, while the number of large enterprises increased by 75%, from 9 332 to 16 361.
Source: Thai Office of SMEs Promotion, (2025[22]) Number of medium and small enterprises, https://data.go.th/en/dataset/gdpublish-msme.
In Thailand, the total number of formal employees makes up 26% of the population (18.4 million workers), a significantly lower proportion than in peer countries such as Indonesia and Singapore (Figure 2.11). This relatively low employment rate is largely attributed to widespread informal work. Approximately half of Thailand’s workforce operates in the informal sector, which includes unregistered businesses, agricultural workers and self-employed individuals who are not covered by labour protections or social security systems (National Statistical Office, 2024[29]). Among formal workers, 70% are employed by MSMEs, like in the Philippines and Singapore. While large companies represent the smallest share of all enterprises across the selected countries, they employ a disproportionately high share of the workforce. In Thailand, 30% of the labour force is employed by large companies.
Note: There is no common definition for MSMEs across ASEAN countries and this impacts the displayed differences in distribution. See the Annex for more detail. The data of Indonesia is as of 2019, due to data availability.
Source: Thai Office of SMEs Promotion, (2025[30]), Number of employment of medium and small enterprises, https://data.go.th/en/dataset/number-of-employment; Ministry of Cooperatives and Small and Medium Enterprises in Indonesia (2021[23]), Data Development of Micro, Small, Medium Enterprises (MSMEs) and Large Enterprises (UB) in 2018-2019), https://satudata.kemenkopukm.go.id/arsip/2; PSA, (2023[25]) 2023 Philippine MSME Statistics in Brief, https://dtiwebfiles.s3.ap-southeast-1.amazonaws.com/MSME+Resources/2022+Philippine+MSME+Statistics+in+Brief.pdf; Singapore Department of Statistics (2025[26]), Enterprises, https://www.singstat.gov.sg/find-data/search-by-theme/industry/enterprises/latest-data.
The services sector is the largest sector in Thailand, accounting for 40% of all companies and 41% of total employment. The trade sector follows, representing 42% of companies but only 30% of employment. Manufacturing, while comprising just 16% of the total number of companies, employs nearly one-third of the workforce. The distribution of sectors also varies significantly by company size. Manufacturing is most prevalent among micro-sized enterprises, contributing 42% of employment in that segment. In contrast, services are more dominant among large companies, accounting for 47% of firms in that category. Interestingly, the trade sector is heavily concentrated in medium-sized enterprises, making up nearly half of all medium-sized firms and employing 43% of the workforce within that size category.
Source: Thai Office of SMEs Promotion, (2025[30]), Number of employment of medium and small enterprises, https://data.go.th/en/dataset/number-of-employment; Thai Office of SMEs Promotion, (2025[22]), Number of medium and small enterprises, https://data.go.th/en/dataset/gdpublish-msme.
The following section uses information from the OECD-ORBIS Corporate Finance dataset to characterise the listed and non-listed corporate sector in Thailand and in peer countries. The dataset uses company-level financial and ownership data sourced from the ORBIS database. Firms are grouped into four types of firms based on a combination of ownership structures and financial characteristics: listed companies; large unlisted companies; small and medium-sized enterprises (SMEs) belonging to a corporate group; and independent SMEs. These groups form the foundation for the analysis presented in sections 2.4 and 2.5. The groups aim to reflect differences in firm size, sector, listing status and ownership structure - all key elements that influence a company’s access to finance and capacity to invest.
Listed companies: This group comprises non-financial corporations whose shares are traded on a stock exchange. At the beginning of 2024, there were 701 such firms in Thailand, with median total assets of approximately USD 108 million (around THB 4 billion) (Table 2.3). These companies’ stronger disclosure practices enhance their ability to secure external financing.
Large unlisted companies: This group includes sizeable non-financial corporations that are not publicly traded. By the start of 2024, there were 293 such firms in Thailand with assets exceeding USD 100 million in real terms. These firms had a median asset size of USD 192 million (~ THB 7 billion). Unlike listed firms, large unlisted companies disclose less information, limiting funding options and leading to less favourable terms, though they remain generally well-established and professionally managed.
Small and mid-sized companies that are part of a group: This group includes SMEs that are subsidiaries of listed or large unlisted firms, as well as foreign-owned SMEs in Thailand. At the beginning of 2024, it comprised 2 460 firms with median assets of USD 4 million (~THB 138 million). Since their results are consolidated at the group level, unconsolidated accounts are used for the analysis. Affiliation with corporate groups generally helps these SMEs access more favourable financing than independent ones.
Independent small and mid-sized companies: This group includes independently owned SMEs or those without ownership data, based on unconsolidated accounts. Though the largest by number, they have the smallest asset size. Limited information and lack of group affiliation constrain their access to finance.
Source: OECD-ORBIS Corporate Finance dataset; see Annex for details.
The corporate sector in Thailand was hit hard by the pandemic. In 2020, aggregate returns on equity (ROE) and on assets (ROA) fell 5 and 2 percentage points respectively (Figure 2.13, Panel A). Performance had already been on a declining trend since 2016. Although ROE and ROA rebounded to pre-pandemic levels in 2021, they resumed their downward trajectory in the following years. A similar pattern was observed in net profit margin (calculated as net profit divided by sales) despite sales remaining stagnant (Panel B).
While the overall downward trend in ROE and ROA was similar across the non-financial corporate sector, it was primarily driven by firms with initially lower profitability. By contrast, companies with higher profitability (50th and 75th percentiles) saw relatively stable ROE and ROA levels.
Note: Indicators in panels A and B represent aggregates. In Panel A, ROE and ROA are calculated as the ratio of total net earnings divided by total equity and assets, respectively. Percentile is abbreviated as pct.
Source: OECD-ORBIS Corporate Finance dataset; see Annex for details
In Thailand, the share of loss-making companies increased across all company categories between 2014-2023. Independent SMEs and SMEs part of a group were the two categories with the highest share of loss-making companies. Listed companies and large unlisted companies appear to be more resilient, yet even for these two categories the share of loss-making companies reached one quarter (26% and 25%, respectively). Moreover, aggregate ROE levels have declined significantly since 2014 for all company categories and hit negative values for independent SMEs in 2023. Large unlisted companies continued to record the highest aggregate ROE, but their ROE fell from a high of 12% in 2014 to 9% in 2023. Moreover, most industries show similar levels of loss-making firms.
Note: Loss-making companies are defined as companies with negative net income. ROE is calculated as total net earnings over equity.
Source: OECD-ORBIS Corporate Finance dataset; see Annex for details
Despite a high proportion of loss-making firms, Thailand ranks second in overall corporate profitability among its peers, behind only Singapore (Figure 2.15). This is largely because most loss-making firms are SMEs, which have a limited impact on aggregate profitability at the economy-wide level. In 2022, Thailand recorded an ROE of 8% and an ROA of 3%. However, both indicators have shown a steady downward trend over the past decade. Although profitability has also declined across the region, Thailand has experienced the second sharpest fall in both ROE and ROA levels, behind the Philippines.
Note: ROE and ROA are calculated as the ratio of total net earnings divided by total equity and assets, respectively
Source: OECD-ORBIS Corporate Finance dataset; see Annex for details
Thai non-financial companies maintained stable debt levels of around 29% of assets between 2014 and 2019. Debt rose to 34% in 2020, driven by higher long-term borrowing by listed firms during the pandemic, mirroring regional trends as liquidity support expanded bank lending (AMRO, 2022[31]). Companies also turned to bond markets after issuance rebounded in late 2020. The average cost of debt held near 4%, dipping to 3.2% amid easy financing, before rising again after the Bank of Thailand’s rate hikes in 2022.
Note: Cost of debt is calculated as the interest expenses divided by total financial debt.
Source: OECD-ORBIS Corporate Finance dataset, OECD Capital Market Series dataset; see Annex for details
Leverage varied widely across firms (Figure 2.17). Independent SMEs had the highest debt, averaging 48% of assets (2014-2023), while large unlisted firms had the lowest at 27% in 2023. Listed firms had the largest share of long-term debt followed by large unlisted firms. SMEs that are part of a group relied more on short-term borrowing.
Note: In Panel C, cost of debt is calculated as the interest payment divided by the total financial debt.
Source: OECD-ORBIS Corporate Finance dataset; see Annex for details
The levels of capitalisation (equity over assets) are the highest for listed companies (44%), followed by large unlisted companies (37%). In contrast, capitalisation levels are the lowest for independent SMEs, at around 21%. This combination of high debt and thin equity cushions leaves independent SMEs especially vulnerable to shocks, amplifying the risk of financial distress during economic downturns.
Thai non-financial companies have the highest leverage among peers, with debt at 37% of assets - mostly long-term (28%) and only about 10% short-term. While debt levels were stable across countries before 2020, Thailand diverged during the pandemic as long-term borrowing rose from 24% to 27% of assets. Despite high leverage, Thai firms face the lowest cost of debt, supported by a 1.25% policy rate in 2022 (vs. 1.9-9% elsewhere). Their capitalisation ratio remains low at 40%, below Malaysia and Singapore.
Note: Cost of debt is calculated as the ratio of interest payments and total financial debt.
Source: OECD-ORBIS Corporate Finance dataset; see Annex for details
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