Thailand's Q2 2025 GDP growth slowed to 1.9% (from 2.8% in Q1), with full-year forecast cut to 2.2%. The article warns that SME credit—collapsing for 16 consecutive quarters—signals deeper economic distress. Non-performing loans in the SME sector hit 9%, and commercial bank SME lending contracted 4.6%. Government stimulus measures are inadequate band-aids; the real challenge is not chasing foreign megaprojects but rebuilding domestic SME access to capital and enabling grassroots economic transformation.