The demand for business loans is expected to continue growing, linked with the economic recovery after the political unrest has eased, according to the Bank of Thailand (BoT).
Still, the central bank said in a report on the loan extended by Thai financial institutions in the second and third quarters that the housing loan demand might drop from the previous quarter since most consumers had already accelerated house ownership transfers in the first half of this year.
Demands for credit card loans and household loans are projected to edge up from the previous quarter upon the improved confidence among consumers.
Financial institutions had begun easing the stringent extension of housing, credit card, and household loans.
It was found that the demand for business loans by large entrepreneurs and small- and medium-size enterprises (SMEs) rose marginally from the previous quarter.
The increased loan demand had concentrated in the production and retail-wholesale sectors. It showed a clear sign of the recovery of local demand, private consumption, and consumer confidence.
Thailand’s economic growth expected to return to 2019 levels in mid-2023
Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.
The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.(more…)
S&P maintains Thailand’s credit rating at BBB+ with stable outlook
Standard and Poor’s (S&P) maintained Thailand’s credit rating at BBB+ . The global rating firm expects the country’s gross domestic product (GDP) to grow at 1.1% this year, with a more optimistic growth at 3.6% per year from 2022 to 2024.
Standard and Poor’s (S&P) maintained Thailand’s credit rating at BBB+ . The global rating firm expects the country’s gross domestic product (GDP) to grow at 1.1% this year, with a more optimistic growth at 3.6% per year from 2022 to 2024.(more…)
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