Loans in the Thai banking system are projected to grow by 2.5-3.5 percent in 2024 amid a gradual economic recovery. Kresearch forecasts that loan expansion will remain within a limited range of 2.5-3.5 percent, lower than the 5-year average loan growth of 4.2 percent before the COVID-19 pandemic. We at KResearch hold the view that the pressure from post-pandemic debt repayment in 2022-2023 is likely to ease this year. However, loan growth in 2024 will depend on several key factors, especially the pace of Thailand’s economic recovery. This could affect loan disbursement and credit risk assessment of borrowers, as well as the implementation of credit processes under the Bank of Thailand’s responsible lending guidelines which took effect on January 1, 2024.
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