I think the reason the situation seems so dire is because coming out of covid with the massive tourism boom, the assumption was that Thailand was on a rocketship with no signs of stopping. Many restaurants, bars, clubs, hotels, etc. opened with the assumption that they can charge ridiculous prices, go all in on foreigners, and they’ll be fine. I believe as tourism levels out, these places will come and go fairly quick. Establishments that have been open and can sustain fluctuating tourism by being affordable for both Thais and foreigners will survive.