KBank says Thai economy will grow slowly this year

BANGKOK, 8 January 2016 (NNT)-Kasikorn Bank has forecast the Thai economy will recover slowly due to household debts and the sluggish global economy.

Executive Vice President of Kasikorn Bank Noppawan Jermhansa said the Thai economy would grow 3% this year in a gradual manner. The level of household debts is also expected to rise.

Mrs. Noppawan believed the consumers’ purchasing power would adjust up, given the spending of 303 billion baht via Kasikorn credit cards last year, a factor that also supports the bank’s economic growth forecast.

Kasikorn Bank will adopt a proactive approach to attract more clients this year. It has targeted new start-up businesses, a new group of investors and those living in business districts nationwide.

According the Executive Vice President, the bank is determined to increase its client base by 7% to a total of 14 million people. It is also striving to be Thailand’s top digital banking service provider again in 2016. Kasikorn currently has a market share of 39% with 9 million clients across the country.

-- NNT 2016-01-08

Who cares anymore?

So will the rice Einstein.

Debt up~growth down. Tell me when something changes

Deputy Prime Minister Somkid recently predicted that the Thai economy will expand by 2.8% - 3%. Somkid is probably the most conservative in his economic predictions compared to anyone else in Prayut's cabinet. So KBank may not be overly optimistic.

But KBank bases its projection in part on commodity prices in the world market not declining. And that's not going to hold true.

I predict the world economy will grow slowly this year.