July dip in new firms not expected to harm results

July dip in new firms not expected to harm results

The government remains confident that the number of new business registrations will reach 80,000 this year despite a drop in July, driven by the country's economic growth.

The Commerce Ministry's Business Development Department reported on Friday that new business registrations in July were down 0.3% from the same month last year to 5,964 businesses with combined registered capital of 26.3 billion baht, up 24% in value from the same period last year.

The top three categories for registrations were building construction, real estate and restaurants.

The drop was largely due to delays by certain businesses as they wait and see what to make of new stimulus measures from the government before fiscal 2018 ends.

In the first seven months, new business registrations totalled 43,500, up 4% from the same period last year, with total registered capital of 169.22 billion baht, down 9% from the previous year.

"The department believes that new business registrations will reach 80,000 this year after 74,517 last year," said Kulanee Issadisai, director-general of the Business Development Department. "The country's economy is growing, boosted by higher exports and robust tourism, while higher government and private investment are anticipated, with recovering consumer consumption."

Digital technology development will also help stimulate economic growth and build up the country's competitiveness, she said.

The government's aid package for low-income earners using welfare smartcards is expected to boost domestic consumption.

The cabinet in January approved 35.7 billion baht for the second phase of the welfare scheme, aiming to lift 1 million people out of poverty. The government is set to allocate 35.7 billion baht to finance 34 projects under the scheme.

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