The UTCC survey of 641 Thai SMEs (13-22 July 2026) puts the Q2 competitiveness index at 45.1, down 0.8 from Q1 and below 50 on every component, meaning conditions are deteriorating. Total debt scored lowest (37.5), followed by costs and expenses (40.9). Micro firms are the weakest at 38.5 overall, with order volume at 31.3. Mid-sized firms scored 48.2. If you run a Micro business, plan for tighter orders and debt pressure: review your cost base and loan repayment schedule now. The survey found 31.1% of firms reported lower sales versus a year earlier.