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Thailand’s economic recovery challenged by soaring inflation
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29 Nov 2022

International Economy

Post-APEC summit…France actively strengthens relations with Thailand and ASEAN (Current Issue No.3366)

Regarding the 33rd Asia-Pacific Economic Cooperation (APEC) summit hosted by Thailand, the French leader was officially invited as a special guest of the Thai government to attend the forum. During his visit to Thailand, marking the first such visit in 16 years, French President Emmanuel Macron and the Prime Minister of Thailand held discussions and reaffirmed their support for bilateral relations, economic partnership and efforts to advance the EU-Thailand Free Trade Agreement (FTA). The roadmap for Thai-French relations is considered a key step for further development of relations between the European Union (EU) and ASEAN, accordingly. KResearch holds views on fostering cooperation with France in the following issues:...Read more

17 Nov 2022

International Economy

APEC CEO Summit 2022 showcases global visions of business leaders of APEC member economies (Current Issue No.3362)

During APEC 2022, hosted by Thailand, close attention must be paid to the APEC CEO Summit 2022 because it provides leading business leaders of APEC member economies an opportunity to showcase their visions. The program of the APEC CEO Summit focuses on the openness to trade and investment, as well as food security and energy, plus the use of technology in business, public health, and gender equality. APEC 2022, therefore, presents the private sector an important opportunity to propose guidelines for the design of policies that will help drive the economy towards sustainable and inclusive growth. ...Read more

10 Nov 2022

International Economy

US 2022 midterm election results set to affect passage of bills in Congress, but unlikely to alter 2023 US economic outlook (Current Issue No.3357)

Preliminary voting results of the US midterm elections, November 8, 2022, show that Republicans have inched closer to a House majority, while control of the Senate hinges on a few tight races. Regardless of whether Democrats can still hold a majority in the Senate, or not when the official voting results are to be announced after December 6, 2022, given that votes for the remaining four seats are being counted (as of November 10, 2022, both parties had the same number of seats 48:48), the fact that Democrats have lost their majority in the House of Representatives in the 2022 midterm elections could affect Joe Biden's administration over the next two years. ...Read more

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18 Nov 2022

Industry

Trend of eco-friendly plastics pressures Thailand’s plastic resin industry…Operators accelerate their adjustments but still face multiple challenges (Current Issue No.3363)

Amid the global green trends, many countries have imposed environmental measures and have increasingly started to use eco-friendly plastics (recycled plastics / bioplastics) to replace fossil-based plastics. Such actions have affected Thailand’s plastic resin industry, which still relies mainly on sales of fossil-based plastic pellets. Even though some Thai operators have begun to shift to investment in production of eco-friendly plastic resins, their adjustments continue to lag behind changes in the global market....Read more

16 Nov 2022

Services

B2C e-commerce in 2022-2023…Growth decelerates due to limited purchasing power (Current Issue No. 3361)

KResearch views that market value of B2C e-commerce in 2022-2023 will grow at a slower pace after reaching double-digit growth during COVID-19. In 2023, the market is expected to expand at around 4-6 percent – the lowest when compared to its average growth of 26 percent per year over the past three years. The number of new e-commerce users is likely to be stable following the sharp increase during the pandemic. Plus, consumer purchasing power is limited and pressured by higher costs of living and product prices....Read more

3 Nov 2022

Agriculture

Global coffee prices to remain high for another three years due mainly to a decline in Brazilian supply…leading Thailand’s coffee imports to grow substantially in 2022 (Current Issue No.23356)

Coffee prices in the global market have been rising since the end of 2021. Brazil and Vietnam – major coffee suppliers – have faced severe climate change causing damage to their production. High global coffee prices are expected to persist until a new round of Brazil’s coffee output enters the market by 2025. Thailand, a coffee importer, will inevitably be affected by the price hikes. KResearch projects that Thai coffee imports in 2022 will reach approximately USD 163 million, growing 27 percent YoY....Read more

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24 Nov 2022

Financial Institutions

2022…Another challenging year for investment in risk assets (Current Issue No.3365)

Fast approaching is the last month of 2022, a year in which Thailand’s economy has bottomed out following the years-long impacts of the COVID-19 pandemic. In principle, the economic recovery should be a supporting factor for investment in risk assets. In fact, however, overall investment has proven quite volatile this year, especially in high-risk assets like cryptocurrencies. This has also impacted related players in the ecosystem such as platform providers or large brokerage companies....Read more

21 Nov 2022

Financial Institutions

Increased competition seen in deposit market (Current Issue No.3364)

The Monetary Policy Committee (MPC) began raising its policy rates at the August and September 2022 meetings by 0.25 percent each, bringing the current policy rate to 1.00 percent. However, most large commercial banks did not hike their interest rates immediately and waited until October 2022, particularly deposit rates. A substantial increase has been seen in the launch of special deposit campaigns, chiefly by large and small commercial banks. Such campaigns have been introduced at an accelerating pace although they are intended to replenish deposits that have reached or are scheduled to reach maturity. ...Read more

3 Oct 2022

Financial Institutions

Household debt dropped to 88.2 percent of GDP in 2Q22… Households avoid incurring large debts, but still use unsecured loans to enhance short-term liquidity (Current Issue No.3349)

Outstanding debt of Thai households rose to THB 14.76 trillion in 2Q22. However, when compared to economic value, the household debt to GDP ratio in 2Q22 dropped to 88.2 percent, against the 89.2 percent recorded for 1Q22. Additionally, when compared to the same period of last year, the household debt grew only 3.5 percent YoY, hitting an 18-year low, and slowing from the 3.7 percent YoY increase in 1Q22. In terms of structure, home loans and loans for own business still accounted for the majority of household debt (a combined portion of 53 percent of overall household debt)....Read more