ADAPTATION OF THAI SMES UNDER GEOPOLITICAL CHANGES

บทคัดย่อ

Geopolitical change has become a major force shaping the global business environment in recent years. Events such as the COVID-19 pandemic, the Russia–Ukraine war, increasing tension among major powers, and political adjustments in Asia have disrupted global trade, investment flows, and supply chains. These disruptions have increased uncertainty in energy prices, logistics systems, and access to international markets. Small and medium-sized enterprises (SMEs) are more vulnerable to these shocks because they often have limited resources, weak financial capacity, and a low ability to manage risk. In Thailand, SMEs represent more than 99 percent of all enterprises and play a crucial role in employment, income creation, and local economic stability. As Thailand is an export-oriented economy, geopolitical uncertainty places strong pressure on Thai SMEs, especially those connected to exports, tourism, and imported inputs. At the same time, geopolitical restructuring also creates new opportunities for SMEs, including regional market expansion, domestic supply chain development, and growth in digital business activities. This review article aims to examine how Thai SMEs adapt their strategies and operations under changing geopolitical conditions. The study uses documentary research and literature synthesis to analyse previous academic studies, policy reports, and official documents related to SMEs, geopolitics, and economic adaptation. The analysis focuses on key adaptation strategies such as supply chain and market diversification, digital and technology adoption, financial risk management, skill development, and alignment with government policies. The findings indicate that adaptation is essential for SME survival and stability in times of global uncertainty. SMEs that improve flexibility, manage risks effectively, and use digital tools are better prepared to respond to external shocks. The study provides useful insights for both researchers and policymakers seeking to strengthen SME resilience and long-term competitiveness.