The COVID-19 Pandemic: Impacts on Thai Small and Mediums Enterprises and Strategies for Revival

Abstract

The spread of the coronary virus (COVID-19) in Thailand has had a profound and widespread negative impact on the economic and social systems of many countries around the globe, including Thailand. It has been obviously recognized that small and medium-sized enterprises (SMEs) are vital to the economy of the country because they are a major source of employment whereas there are limitations in doing the business for several reasons. In this event, SMEs would have been negatively affected by the pandemic rather than large enterprises. This academic article therefore chiefly aims at reviewing the literature and researches related to the impacts of the new coronary virus epidemic on small and medium enterprises (SMEs) in Thailand and providing some recommended strategies that SMEs should take into consideration for revival. The paper also presented the importance of small and medium-sized enterprises in Thailand; the impacts of the coronary virus epidemic on the economy of various countries, including Thailand; the recovery of various affected business sectors at different levels; the significant policies and measures that the government attempted to support and heal small and medium enterprises; as well as provided some ways that small and medium-sized enterprises should consider using as a strategy for recovery and survival in the midst of a severe epidemic situation throughout the globe to date.