The number of business closures in Thailand increased considerably in the first eight months as a result of lower crop and fuel prices and the strict regulating of the lottery industry, said the Business Development Department.
The department reported that the number of business closures rose 17 percent year on year to 9,984 compared with 8,563 during the same period in 2014.
Pongpun Gearaviriyapun, director-general of the department, said that while the increase in closures was quite high, it was not a surprise because firms selling lottery tickets accounted for most of the shutdowns.
Last month, the number of closures increased 25 percent from August 2014 to 1,542. Most were lottery companies, followed by construction, property-development, and retailing companies.
The department reported that the number of new companies increased by 4 percent year on year during the first eight months to 41,857 firms, indicating that the business sector remains confident that the economy will continue to recover.