OECD Capital Market Review of Thailand 2025

Thailand’s capital markets remain among the largest in ASEAN, although their contribution to economic expansion has moderated amid slower post-pandemic recovery and broader structural challenges. While the equity and corporate bond markets are relatively well-developed, financing access for SMEs and emerging businesses remains uneven, accompanied by softer listing activity and liquidity concentration in selected firms. The private capital market also continues to evolve gradually, with early-stage funding still limited and venture capital activity largely driven by corporate investors. At the same time, regulatory adjustments, stronger innovation support mechanisms, and improvements in incubator and accelerator ecosystems could further enhance Thailand’s capacity to attract long-term investment and strengthen market competitiveness.

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