Thailand is a rapidly growing economy that has a strong MSME sector which contributes 41% to GDP and 80% to employment. MSME service exports and soaring tourism fueled economic growth, enforced by a wide set of structural reforms, the business environment was significantly improved placing the country 26th out of 190 on ease of doing business for SMEs, according to the World Bank.

Yet, gender inequality persists; women employment is systematically lower than male, with the exception of the Accommodation and Food service activities sector where women constitute 66% of employed. Overall, the share of women in non-agricultural employment is 37%. While women are also less often engaged in entrepreneurial activities, with only 33% of enterprises having dominant female owners, they are well represented in MSME governance positions (65%).

The MSME finance gap is estimated to be only 10% of the country’s GDP, as compared to the ASEAN average of 23%. Having the highest number of ATMs per capita in the region and significant levels of mobile and internet penetration, the country is well placed in its pursuit of digital financial inclusion, particularly through MSME fintech solutions. A diminishing role of the informal economy, as well as shifting population to the formal sources of financing would further facilitate sustainable and inclusive growth.