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cost control is important
Cost control has become important as the economy faces a number of geopolitical challenges, including the Israel-Hamas conflict and the U.S. presidential election.
Thai President Foods, the maker of the popular instant noodle brand Mama, advises entrepreneurs to gradually increase their investments to deal with the risk of taking on debt and being exposed to interest rate fluctuations.
“Entrepreneurs can use the capital to expand their investments, but they need to be careful when taking out loans,” said Pan Panianbait, the company’s general manager.
He also pointed out that many organizations have been affected by debt service defaults.
Many factors for consumers to consider
Thai consumers are concerned about how the economic downturn and high inflation could affect the cost of living and, in turn, the trade in goods and services.
Market research firm Ipsos (Thailand) said entrepreneurs are continuing to operate despite the gloomy economic situation, noting that the extent to which brands build consumer loyalty is important.
The company’s managing director, Usana Chanterkulum, said the outlook for 2024 was “bleak.” “Consumers tend to save money during economic downturns and rising inflation, so there are many factors to consider.”
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