OCDE - Financing SMEs and Entrepreneurs 2026 - Tailandia de 2026

 1

FINANCING SMES AND ENTREPRENEURS 2026: THAILAND © OECD 2026

Key facts on SME financing SMEs play a significant role in Thailand’s economy. In 2024, there were approximately 3.25 million SMEs, accounting for 99.5% of all enterprises, with the majority being micro enterprises. These SMEs are primarily engaged in the wholesale, retail, and service sectors. Moreover, SMEs play a cruci al role in economic growth as they are key contributors to employment, accounting for 68.81% of total employment at the end of 2024, and the country's economic growth making up around 34.98% of Thailand’s GDP in 2024. Despite their economic significance, SMEs faced challenges in obtaining fi nancing. Outstanding SME loans from commercial banks declined by 3.11% yearon-year to THB 3.08 trillion at the end of 2024 , reflecting banks’ cautious lending amid rising credit risks and structural weaknesses due to the uneven economic recovery after COVID19. The gross NPL ratio for SMEs improved marginally from 7.23% in 2023 to 7.17% in 2024, supported by banks’ debt assistance and better repayment capacity among some recovering groups. SME barriers to financing are due to (i) limited competitiveness and readiness to adapt to global trends (ii) insufficient financial records for evaluating credit risk and repayment capabil ity, such as inadequate bank statement history (iii) high credit risk and a lack of, or insufficient, collateral and (iv) the relatively small size of loan requests which do not cover the costs of credit risk assessment and monitoring by bank . To address these constraints faced by SMEs , a range of policy measures have been introduced to (1) strengthen SMEs by providing liquidity and debt solutions, as well as (2) enhance credit access through the development of tailored financial services . On debt solution, the Thai government and the Bank of Thailand (BOT) are placing stronger emphasis on long-term debt relief to reduce burdens and enable more

(1) strengthen SMEs by providing liquidity and debt solutions, as well as (2) enhance credit access through the development of tailored financial services . On debt solution, the Thai government and the Bank of Thailand (BOT) are placing stronger emphasis on long-term debt relief to reduce burdens and enable more resilient, sustainable growth. This includes comprehensive debt restructuring programs , personalized advisory services like “Doctor Debt,” and campaigns promoting responsible borr owing and early intervention. Moreover, in response to the rapid growth of digital finance, the BOT, in collaboration with relevant agencies, have launched a digital strategy by leveraging technology and data to improve financial inclusion. Central to this initiative are three strategic pillars , known as the " Three Opens" - Open data, Open infrastructure, and Open competition . A key innovation in the Open data pillar is the Your Data Project, which enables SMEs to securely share financial and behavioural d ata with lenders, improving credit assessments for those lacking traditional records. Under the Open infrastructure pillar, the BOT and the Ministry of Finance (MOF) planned to enhance credit guarantee mec hanisms. Planned improvement includes enhancing credit risk assessment of borrower. Lastly, under the Open competition pillar, in addition to earlier efforts of promoti ng tailored financial services such as nano-finance, pico-finance, and digital personal loans, which lay the foundation of using alternative data to assess creditworthiness for unserved groups , the introduction of virtual banks is expected to transform SME financing by enabling more agile, tech-driven financial services that extensively utilize both financial and alternative data to better meet the evolving needs of small businesses. Thailand2 

FINANCING SMES AND ENTREPRENEURS 2026: THAILAND © OECD 2026

Table 1. Scoreboard for Thailand

Source: See Table 4.

Indicator Unit 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Debt

Source: See Table 4.

Indicator Unit 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Debt Outstanding business loans, SMEs THB billion 2 753 2 565 2 749 3 145 3 481 3 968 4 266 4 511 4 574 4 703 4 893 4 877 3 214 3 384 3 386 3 180 3 081 Outstanding business loans, total THB billion 5 117 4 863 5 299 6 080 6 723 7 473 7 774 8 022 8 070 8 362 8 727 8 653 9 147 9 863 10 091 9 923 9 969 Share of SME outstanding loans % of total outstanding business loans 53.81 52.75 51.88 51.74 51.78 53.11 54.88 56.24 56.69 56.25 56.07 56.36 35.14 35.32 34.56 32.05 30.91 Government loan guarantee, SMEs THB billion

73 113 180 244 270 309 331 354 374 389 451 626 651 625 536 Non-performing loans, total % of all business loans 5.80 5.42 4.00 3.00 2.40 2.13 2.00 2.55 2.88 3.01 3.05 3.01 3.22 3.07 2.76 2.56 2.45

Non-performing loans, SMEs % of all SME loans

5.38 3.97 3.46 3.29 3.11 3.50 4.35 4.51 4.56 4.63 7.66 7.45 7.37 7.23 7.17 3

FINANCING SMES AND ENTREPRENEURS 2026: THAILAND © OECD 2026

Macroeconomic and financing conditions In 2024, the overall Thai economy grew by 2.50% with low inflation (0.4% due to low fuel prices and government support measures) compared to 2023. This economic growth was primarily supported by private consumption and tourism, along with government spending and a gradual recovery in technological product exports during the second half of the year. However, the growth remained uneven across sectors, highlighting persistent structural challenges. Tourism-related services con tinued to expand, with hotels benefiting the most due to a post-COVID-19 shift in traveler preferences toward self -guided experiences. This trend led to increased spending on accommodation and experiential activ ities, while restaurants and retail businesses experienced more modest gains. In contrast, several manufacturing sectors showed signs of deterioration, particularly those facing intensified competition. The automotive industry was affected by a combination of industry-specific, cyclical, and structural factors, inclu ding declining used car prices, and rising competition from imported electric vehicles. Similarly, the electronics components industry struggled with high inventory levels among partners and Thailand’s limited capacity to produce AIrelated electronic products. Financial conditions remain tight in Thailand . Business loans declined in line with falling loan demand, repayment on loans borrowed during the COVID-19 pandem ic, and heightened economic uncertainty. Retail loans growth slowed down overall due to slow-down private consumption and idiosyncratic factors such as in the case of auto loans. Credit quality wi ll be closely monitored, especially for loans extended to SMEs, and low-income and highly indebted households. Looking ahead, Thailand faces rising external risks from global trade tension s, particularly between the

idiosyncratic factors such as in the case of auto loans. Credit quality wi ll be closely monitored, especially for loans extended to SMEs, and low-income and highly indebted households. Looking ahead, Thailand faces rising external risks from global trade tension s, particularly between the U.S. and China. These could disrupt supply chains and increase competi tion from Chinese goods in ASEAN and domestic markets. Moreover, global trade policies may further strain the financial positions of businesses and households. In response, financial institutions have adopted more cautious lending practices, further tightening credit availability. Monitoring credit risks and macr o-financial linkages will be essential. Nonetheless, Thailand may benefit from investment relocation, as fi rms seek alternative export bases to the U.S., presenting an opportunity to strengthen its position in regional supply chains (Bank of Thailand, 2025). SMEs in the national economy In 2024, there were approximately 3.25 million SMEs in Thailand, accounting for 99.5% of all ente rprises. These comprised 2 750 444 micro enterprises (84.50%), 454 829 small enterprises (13.90%), and 50 684 medium enterprises (1.60%) (see Table 2) (Office of Small and Medium Enterprise Promotion, 2024) Based on business registration types, SMEs established in 2024 can be categorized into three groups: juristic persons (913 233 enterprises), ordinary persons and others (2 268 483 enterprises), and community enterprises (74 241 enterprises). Table 2. Distribution of SMEs in Thailand, 2024 By firm size Enterprise size (employees/income) Number % Total SMEs 3 255 957 100 Micro Enterprises 2 750 444 84.50 Small Enterprises 454 829 13.90 Medium Enterprises 50 684 1.60

Source: Thai Office of SMEs Promotion.4 

FINANCING SMES AND ENTREPRENEURS 2026: THAILAND © OECD 2026

Small Enterprises 454 829 13.90 Medium Enterprises 50 684 1.60

Source: Thai Office of SMEs Promotion.4 

FINANCING SMES AND ENTREPRENEURS 2026: THAILAND © OECD 2026

In terms of sectoral distribution, over 41.70% of Thai SMEs operate in wholesale and retail, followed by 40.80% in other services, 15.80% in manufacturing, and 1.70% in agriculture (see Table 3). Table 3. Distribution of firms in Thailand by sector, 2024 By sector Sector Number of SMEs % Wholesale and Retail 1 356 888 41.70 Service 1 329 506 40.80 Manufacturing 515 857 15.80 Agriculture 53 706 1.70

Source: Thai Office of SMEs Promotion.

Moreover, SMEs provided employment to 13 426 373 individuals, accounting for 68.81% of the total employment. The micro-enterprises had the highest proportion of employment, amountin g to 41.01% of the total employment. SME lending In 2024, Thai commercial banks reported outstanding SME loans amounting to THB 3.08 trillion, accounting for 30.91% of all business loans. However, SME loans experienced a sli ght contraction of 3.11% compared to the previous year. This decline was attributed to banks' increased caution in approving new loans, driven by rising credit risks stemming from structural issues and decreasing competitiveness. Credit conditions According to the Bank of Thailand’s credit conditions report, SMEs continu e to seek loans for fixed investments and working capital. However, credit standards remain tight, partly due to a slowly recovering economic outlook and declining performance in certain business sectors, alongsi de deteriorating loan quality (Bank of Thailand, 2024) . Alternative sources of SME financing SMEs in Thailand have access to a diverse range of alternative funding mechanisms tailored to their stage

economic outlook and declining performance in certain business sectors, alongsi de deteriorating loan quality (Bank of Thailand, 2024) . Alternative sources of SME financing SMEs in Thailand have access to a diverse range of alternative funding mechanisms tailored to their stage of development. These include crowdfunding, venture capital, private placements, and listi ngs on the Market for Alternative Investment (MAI). For startups and small-sized SMEs , early-stage funding options such as equity crowdfunding, venture capital, and private placements are particularly suitable. • Crowdfunding in Thailand is regulated by the Securities and Exchange Commission (SEC) and allows companies to raise capital from a broad base of investors through licens ed equity crowdfunding portals. As of 2024, there are five service providers. To mitigate the h igh risks associated with early-stage investments, the SEC restricts participation to exper ienced and sophisticated investors, including institutional investors, private equity firms, v enture capitalists, and angel investors. These investors typically seek high returns from a few successful ventures to offset potential losses from others (The Securities And Exchange Commission, 2024). 5

FINANCING SMES AND ENTREPRENEURS 2026: THAILAND © OECD 2026

• Private Placement for SMEs (PP-SME) is another SEC-regulated fundrais ing avenue. It allows SMEs and startups to issue new shares or convertible debentures to pre-selected investors without a public offering. To qualify, companies must register with the Office of Small and Medium Enterprises Promotion (OSMEP) and prepare an SME Factsheet outlining their busines s operations, financial status, types of securities offered, and associated risks (The Securities And Exchange Commission, 2024). • Venture Capital provides an additional funding channel, often supported by financial institutions and accompanied by tax incentives such as income tax exemptions. To foster sus tainable growth among start-up firms, the BOT has revised its regulations governing ventur e capital investments.

This revision aims to provide comprehensive support to start-ups through financial assistance, consultation, and preparation for potential exits. The updated regulations now permit vent ure

and accompanied by tax incentives such as income tax exemptions. To foster sus tainable growth among start-up firms, the BOT has revised its regulations governing ventur e capital investments. This revision aims to provide comprehensive support to start-ups through financial assistance, consultation, and preparation for potential exits. The updated regulations now permit vent ure capital to invest in a wide range of businesses with growth potential, thereby broadening the scope of investment opportunities and encouraging innovation across various sectors (Bank of Thailand, 2025). For medium-sized enterprises seeking to scale, • The MAI offers a practical capital-raising platform with lower paid-up capital requirements than the Stock Exchange of Thailand (SET). As of October 2024, 222 companies were li sted on the MAI (The Securities And Exchange Commission, 2024). • SME Public Offerings ( PO-SME) enables eligible companies to offer securities to the public and list them on a newly established secondary market known as the Live Exchange. To qualify, issuers must be structured as public limited companies and are expected to receive tax benefits simil ar to those granted to companies listed on the SET or MAI. The SME-PO framework is based on an information-based regulatory approach, which simplifies the process by (1) eliminating the need for prior approval of the offering and (2) removing the requirement for a financial adv isor. These streamlined regulations make PO-SME more accessible than traditional IPOs. However, due to the high-risk and low-liquidity nature of SME-PO securities, investment is restricted to sophisticated investors with substantial financial resources, investment experience, and a high-r isk tolerance (The Securities And Exchange Commission, 2024). Other indicators As a result of the gradual economic recovery and declining performance in certain business sectors, some financial institutions have become more cautious in extending credit. This cau tious approach is reflected in the financial system’s loan performance, with the gross NPL ratio remaini ng high at 7.17% in 2024. Although this marks a slight improvement from 7.23% in 2023 , attributable to banks’ loan portfolio

in the financial system’s loan performance, with the gross NPL ratio remaini ng high at 7.17% in 2024. Although this marks a slight improvement from 7.23% in 2023 , attributable to banks’ loan portfolio management, ongoing debt assistance and the reclassification of certain NPL debtors who resumed repayments under debt restructuring obligations to stage 2 loans there remains a need to closely monitor the debt serviceability of SMEs, particularly those facing slower income recovery, hi gh debt burdens, and structural challenges that undermine competitiveness. Government policy response As aforementioned, to address these constraints facing by SMEs, it is essenti al to develop financial solutions tailored to the specific needs of SMEs. Inclusive financial s trategies are vital for enabling SME growth and enhancing their contribution to the national economy. Recognizing their i mportance, the Thai government, together with the BOT and other public agencies , has prioritized expanding access to affordable and reliable financial services.6 

FINANCING SMES AND ENTREPRENEURS 2026: THAILAND © OECD 2026

A range of policy measures have been introduced to support this goal. These meas ures include strengthening SMEs by providing liquidity and debt solutions, as well as enhan cing credit access through the development of tailored financial services, for example: • Strengthening SME Resilience Through Liquidity and Sustainable Debt Solutions for SMEs: To ensure the long-term viability of SMEs, the government and the BOT have implem ented a comprehensive strategy that combines immediate liquidity support with sustainable debt resolution measures (Bank of Thailand, 2024). (i) Targeted Liquidity Support: To help SMEs maintain operations and preserve employme nt during economic downturns, these measures , delivered through Specialized Financial Institutions (SFIs), include soft loans, rehabilitation loans, and targeted financial assistance schemes tailored to specific sectors. (ii) Sustainable Debt Resolution Measures: To support long-term financial sustainability, these initiatives include long-term debt restructuring programs, debt clinics offering structured

Institutions (SFIs), include soft loans, rehabilitation loans, and targeted financial assistance schemes tailored to specific sectors. (ii) Sustainable Debt Resolution Measures: To support long-term financial sustainability, these initiatives include long-term debt restructuring programs, debt clinics offering structured support for defaulted retail borrowers, and “Doctor Debt,” a consultation service providing personalized debt management advice. Additionally, the “Khun Soo, Rao Chuay” campaign promotes responsible borrowing and early intervention to prevent repayment issues. A responsible lending policy has been implemented, encouraging financial i nstitutions to assess borrowers’ long -term repayment capacity and helping to address household debt overhang. • Promoting the Development of Financial Services Tailored to SMEs: The Initiativ es are key to improving access to credit for un/underserved segments, particularly self-employed and individuals without formal income documentation or those without collateral. Key solutions include: (i) N ano-finance: launched in 2015, this program provides small-value, unsecured lo ans primarily for occupational and income-generating purposes. (ii) Pico-finance : implemented in 2016 to offer small ‑scale, multipurpose loans for personal and business purposes. (iii) Digital personal loans: introduced in 2020, digital personal loans utilize alternative data and technology-based credit assessment to enhance access to formal financing, particularly for borrowers without sufficient conventional credit records. Moreover, in response to the rapid advancement of digital finance, the BOT has adopted a comprehensive digital strategy aimed at strengthening the financial sector. This strategy emphasizes the use of technology and data to bridge financial access gaps for un/underserved groups and promote greater economic inclusive growth. Central to this initiative are three strategic pillars, referred to as the "three opens", which have significantly driven progress in the sector. These efforts have positioned Thailand as a regi onal leader in harnessing digital finance for inclusive growth. To support this vision, the BOT is currently implementing a range of policy measures, including project “Your Data ”, the enhancing credit guarantee mechanisms, and the introduction of Virtual Banks following (Bank of Thailand, 2024);

digital finance for inclusive growth. To support this vision, the BOT is currently implementing a range of policy measures, including project “Your Data ”, the enhancing credit guarantee mechanisms, and the introduction of Virtual Banks following (Bank of Thailand, 2024); • Open Data by promoting the utilization of data for better services through Your Data Pr oject: This initiative, which was introduced in 2024, enables users to share their data held by financial service providers or other agencies with various financial service providers via conveni ent and secure digital channels. This project aims to improve SMEs’ access to formal cr edit at reasonable costs by allowing financial service providers to assess the credit risk of customers l acking financial records, using alternative data that demonstrates their debt serviceability and good fi nancial behavior (Bank of Thailand, 2024). • Open Infrastructure by enhancing credit guarantee mechanisms: The current credit g uarantee mechanism operated by the Thai Credit Guarantee Corporation (TCG) lays a signif icant role in 7

FINANCING SMES AND ENTREPRENEURS 2026: THAILAND © OECD 2026

addressing the issue of SME access to finance, especially for those lacking col lateral or with insufficient collateral, reflected by the outstanding guarantee amounts in TCG’s portfolio stood at THB 536 billion as of the end of 2024. To further strengthen this credit guarantee framework, t he BOT and the MOF establish a plan as follows: (i) strengthen credit guarantee mechanisms by improving risk assessment both preand postguarantee period to allow guarantee fee adjustments based on changing risk profi le, and by enhancing stability of funding sources from both public and private sectors; and (ii) expand the scope of financing products eligible for credit guarantees beyond loans to bond products. This will increase opportunities for businesses to access to diverse and suitable funding options. Risksharing will enhance financial service providers’ willingness to lend to SMEs, especially those with insufficient or no collateral. • Open Competition by introducing new players through Virtual Banks: This initiati ve allows new

products. This will increase opportunities for businesses to access to diverse and suitable funding options. Risksharing will enhance financial service providers’ willingness to lend to SMEs, especially those with insufficient or no collateral. • Open Competition by introducing new players through Virtual Banks: This initiati ve allows new players to operate more flexibly than traditional service providers and are abl e to leverage technology and data, both financial and alternative data, to create innovative financial services that better meet customer needs. Virtual banks are expected to begin providing services in 2026 (Bank of Thailand, 2024). Figure 1. Trends in SME and entrepreneurship in Thailand

Notes: 1. For outstanding SMEs business loans and non-performing SMEs loans, the official definition of SMEs from Ministry of Industry has been updated as of April 2020. The new criteria are based on the number of employees and business income, replacing the previous criteria which included the number of employees and the value of total fixed assets (excluding land).

Source: See Table 2

0 2 000 4 000 6 000 8 000 10 000 12 000

A. SME and total outstanding loans, 2010-241

Annual, in THB billion Outstanding loans, total Outstanding loans, SMEs 0 100 200 300 400 500 600 700

B. Government loan guarantees, 2010-23

In THB billion Government loan guarantees, SMEs 0 1 2 3 4 5 6 7 8 9

C. Non-performing loans, 2010-241

As a percentage of business loans Non-performing loans, total Non-performing loans, SMEs8 

7 8 9

C. Non-performing loans, 2010-241

As a percentage of business loans Non-performing loans, total Non-performing loans, SMEs8 

FINANCING SMES AND ENTREPRENEURS 2026: THAILAND © OECD 2026

Table 4. Sources and definitions of Thailand Scoreboard Indicator Definition Source Debt Outstanding business loans, SMEs According to the Ministry of Industry, the new official definition of SMEs has been effective since April 2020. SMEs are now defined based on the number of employees and business income, rather than the number of employees and the value of total fixed assets (excluding land). Under this new definition, firms in the manufacturing industry with up to 200 employees or annual business income not exceeding 500 million THB, and firms in the service and merchandising industries with up to 100 employees or annual business income not exceeding 300 million THB are categorized as SMEs. If the number of employees and annual revenue are classified differently, the revenue criteria should be used to determine the type of enterprise. Outstanding SME loan amounts (excluding interbank loans) provided by commercial banks registered in Thailand and foreign bank branches (excluding specialized financial institutions) at the end of the period. Bank of Thailand Outstanding business loans, total Outstanding business loans (excluding Interbank loan) provided by commercial banks registered in Thailand and foreign bank branches (excluding specialized financial institutions) at the end of period. Bank of Thailand Outstanding short -term loans, SMEs Data in this field is no longer provided due to a change in data collection methodology.

Outstanding long-term loans, SMEs Data in this field is no longer provided due to a change in data collection methodology.

Government loan guarantees, SMEs

Data in this field is no longer provided due to a change in data collection methodology.

Outstanding long-term loans, SMEs Data in this field is no longer provided due to a change in data collection methodology.

Government loan guarantees, SMEs Outstanding SME loans guaranteed by Thai Credit Guarantee Corporation at the end of period. This number is remaining guarantee obligations (granted and still unclaimed). Thai Credit Guarantee Corporation (Operating Performance Report) Non-performing loans, total The numerator and denominator are the gross outstanding business loans provided by commercial banks registered in Thailand and foreign bank branches (excluding specialized financial institutions) at the end of the reporting period. Bank of Thailand Non-performing loans, SMEs The numerator and denominator represent the gross business loans extended to SMEs, based on definition from Ministry of Industry, by commercial banks registered in Thailand and foreign bank branches (excluding specialized financial institutions) at the end of the reporting period. Since April 2020, SMEs definition from Ministry of Industry are defined based on the number of employees and business income, rather than the number of employees and the value of total fixed assets (excluding land). Bank of Thailand Interest rate, SMEs Data in this field is no longer provided due to a change in data collection methodology.

Interest rate, large firms Data in this field is no longer provided due to a change in data collection methodology.

Interest rate spread Data in this field is no longer provided due to a change in data collection methodology.

Collateral, SMEs Data in this field is no longer provided due to a change in data collection methodology.

Percentage of SME loan applications Data in this field is no longer provided due to a change in data collection methodology.

Rejection rate Data in this field is no longer provided due to a change in data collection methodology.

Other indicators Payment delays, B2B Data not available from the Bank of Thailand

Data in this field is no longer provided due to a change in data collection methodology.

Rejection rate Data in this field is no longer provided due to a change in data collection methodology.

Other indicators Payment delays, B2B Data not available from the Bank of Thailand

Bankruptcies, SMEs Data not available from the Bank of Thailand

Note: Interbank including Central Bank, Commercial Banks, Financial Company, Credit Foncier Company, Specialized Financial banks, Savings and Credit Cooperatives, also The Federation of Savings and Credit Cooperatives, Finance and Securities Company, Life Insurances, Life ReInsurances and Securities company.FULL COUNTRY PROFILE: THAILAND  9

FINANCING SMES AND ENTREPRENEURS 2026: THAILAND © OECD 2026

References 1 https://www.bot.or.th/en/our-roles/monetary-policy/mpc-publication/Monetary-Policy-Report.html 2 https://www.smebigdata.com/msme/ 3 https://www.bot.or.th/en/thai-economy/econ-publication/credit-conditions-report.html 4 https://www.sec.or.th/TH/Pages/LawandRegulations/Crowdfunding.aspx 5 https://www.sec.or.th/TH/pages/lawandregulations/sme-pp.aspx 6 https://www.bot.or.th/content/dam/bot/financial-innovation/sustainablefinance/green/FIPC_25680048.pdf 7https://www.sec.or.th/TH/Documents/SEC_Symposium_2024/SEC_Symposium_2024-01.pdf 8 https://www.sec.or.th/TH/Pages/LAWANDREGULATIONS/PO-SME.aspx 9 https://www.bot.or.th/en/our-roles/special-measures/covid-19.html 10 https://www.bot.or.th/en/financial-innovation/financial-landscape.html 11 https://www.bot.or.th/en/financial-innovation/digital-finance/open-data.html 12 https://www.bot.or.th/en/financial-innovation/digital-finance/virtual-bank.html10  FULL COUNTRY PROFILE: THAILAND

10 https://www.bot.or.th/en/financial-innovation/financial-landscape.html 11 https://www.bot.or.th/en/financial-innovation/digital-finance/open-data.html 12 https://www.bot.or.th/en/financial-innovation/digital-finance/virtual-bank.html10  FULL COUNTRY PROFILE: THAILAND

FINANCING SMES AND ENTREPRENEURS 2026: THAILAND © OECD 2026

This work is published under the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the Member countries of the OECD. This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities. The use of such data by the OECD is without prejudice to the status of the Golan Heights, East Jerusalem and Israeli settlements in the West Bank under the terms of internatio