Central bank expects spike in NPLs: BoT anticipates bad loans will be contained under banking sector’s strong risk management. The Bank of Thailand (BoT) expects higher non-performing loans (NPLs) in the local banking system after banks relaxed debt assistance measures, but the bad loans are expected to be contained under the strong risk management of the banking sector. Bangkok Post
Study upbeat on digital economy: Thailand’s internet economy is expected to be worth US$30 billion (around 984 billion baht) in 2021, up 51% year-on-year, buoyed by a surge in e-commerce, according to the latest e-Conomy SEA 2021 report. Bangkok Post
Economy to eke out 1.2% growth: State agency makes forecast for 2021. The Thai economy is expected to grow by 1.2% this year, recovering from a 6.1% contraction in 2020, with next year’s expansion predicted to be between 3.5-4.5%, according to the National Economic and Social Development Council (NESDC). Bangkok Post
Auto refinance loans surge in first half: Overall auto refinance loans showed strong growth in the first six months of this year, in line with people’s higher demand of liquidity during the prolonged Covid-19 pandemic. For the first six months of 2021, overall auto refinance loan portfolio stood at 355.93 billion baht, rising 13% year-on-year. Bangkok Post
Office of Insurance Commission (OIC) announced it will continue to prohibit the cancellation of Covid insurance policies with a lump sum payment to protect policyholders but will allow insurers to offer voluntary changes of insurance to customers.
Value of digital content to hit B49.6bn: Thailand’s digital content industry is expected to reach 49.6 billion baht in market value this year, up 26% year-on-year, buoyed crucially by strong growth in the gaming segment, according to the Digital Economy Promotion Agency (Depa). Bangkok Post
Listed firms perform better than expected in Q3: Thai listed companies performed better than expected in the third quarter with net profits of 209 billion baht, up 19% quarter-on-quarter, of which 167 billion baht stemmed from the real sector and 42 billion baht from the banking sector. Bangkok Post
REIC revises up forecasts: Sales expected to reach pre-Covid levels in 2023. The Real Estate Information Center (REIC) says the easing of the loan-to-value ratio was a key booster to the residential market. The Real Estate Information Center (REIC) revised up its housing market predictions for next year, with a recovery to pre-Covid levels now expected in 2023. REIC’s acting director-general Vichai Viratkapan said the relaxation of the loanto-value (LTV) ratio was a key booster to the residential market from the fourth quarter of this year onwards. Bangkok Post
Diesel excise tax cut up in the air: The Finance Ministry has yet to consider cutting the diesel excise tax and will continue to use the Oil Fund to stabilise the retail diesel price, said Finance Minister Arkhom Termpittayapaisith. The Oil Fund, currently valued at around 7 billion baht, is used to subsidise the retail diesel price at 2 baht per litre, which has brought down the diesel price to the current 30 baht per litre. The cabinet recently approved the fund to borrow 30 bilion baht.
Car exports in Oct grew by 14.3% yoy – the highest in seven months – to 81,577 units, impressing automakers with a chance to see exports rise to 870,000 units beyond the 2021 target, says the Federation of Thai Industries (FTI).
