Thailand's economy shows warning signs: while new business registrations grew modestly (+2.1% YoY to 44,773 businesses), capital invested in new ventures dropped 25.4% to 111.2 billion baht. Conversely, business closures surged dramatically—7,024 businesses shut down (+12.5% YoY), with registered capital of closed businesses exploding 224.1% to 98.9 billion baht. The pattern signals SME distress across manufacturing, construction, and tourism sectors. Government must urgently support liquidity access and digital transformation for SMEs to remain competitive.