Chartsiri Sophonpanich, president at Bangkok Bank, discusses the U.S.-China trade war, its impact on Thailand, growth in the country, their loss of market share, asset quality and his plans for digital banking.
He speaks exclusively on “Bloomberg Markets: Asia” from the sidelines of the Bloomberg Asean Business Summit in Bangkok.
The theme for this 34th summit has three main components
First, is “Advancing”
ASEAN will look towards the future and move forward together dynamically, making use of technological advances from the 4th Industrial Revolution, and enhancing our competitiveness. ASEAN will also build immunities from disruptive technologies and future challenges, especially for MSMEs, so as to advance towards a “Digital ASEAN”.
Second, is “Partnership”
Both within ASEAN and with Dialogue Partners and the international community, by strengthening the concept of “ASEAN Plus One” and reinforcing the ASEAN-centered regional architecture, increasing economic cooperation with all countries with due consideration to balance and benefits for the people, and enhancing the role of ASEAN at the international stage in addressing important global issues such as climate change.
In strengthening ASEAN’s various partnerships, one of the most important drivers is the promotion of connectivity in various dimensions, including infrastructure, rules and regulations, and people-to-people links, especially in the context of the ASEAN Year of Culture 2019. Equally important is connecting the various connectivity strategies within the region, to becoming a “Seamless ASEAN”.
Third, is “Sustainability”
We wish to build sustainability in all dimension, be it sustainable security, sustainable economic growth, which includes the green economy and sustainable development. The establishment of the ASEAN Centre for Sustainable Development Studies and Dialogue and the ASEAN Centre for Active Ageing and Innovation will play an important role in achieving this goal
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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