Household debt drops to 88.2% of GDP in 2Q from 89.2% 1Q, but total value rose to Bt14.76trnl from Bt14.66trnl, as economy continues to expand.
More than 6m international visited Thailand this year with a 90% surge last month alone when compared to average figures.
Office of the Consumer Protection board (OCPB) has finalized the caps on new HP rates, (i) 10% p.a. for new-car HP, (ii) 15% p.a. for used-car HP, and (iii) 23% p.a. for motorcycle, likely be effective in 1Q23. Current mkt rates for motobike HP is >30%, TIDLOR has zero exposure there, while SAWAD’s 23%, and MTC’s 5%.
Department of Energy Business reported 8M22 avg fuels usage +15.2% yoy to 150.92m liter/day, diesel +17.6% yoy, Jet A1 +80%, Bunker +18.6%, LPG +10.8%, NGV +8.4%, Benzene +4.5%, Kerosene -8.1%.
Economy set to expand despite global recession: GDP predicted to grow by 3% per year. Thailand is expected to eke out annual economic growth of about 3% over the next two years despite a looming global recession, says Bangkok Bank economist Kobsak Pootrakool. Bangkok Post
Central bank tackling rise in unsecured loans: The Bank of Thailand plans to ask both banks and non-banks to cease encouraging unnecessary borrowing of unsecured loans early next year as it wants to see the ratio of household debt to be at a level not exceeding 80% of GDP. Bangkok Post
FPO: Unnecessary waivers, deductions need scrapping: The Fiscal Policy Office (FPO) is to ask the Finance Ministry to consider winding down unnecessary measures related to tax waivers and tax deductions, in the wake of a decline in net government revenue as a proportion of GDP, says a ministry source who requested anonymity. The source said that according to the FPO’s report on fiscal risk as of August, net government revenue as a proportion of GDP is expected to continue falling, from 14.6% in fiscal 2021 to 13.3% in fiscal 2026. Bangkok Post
Manufacturers call for rejig of clean energy laws: Manufacturers want the government to amend laws to allow them to produce and sell electricity from renewable energy sources in order to reduce dependence on expensive fossil fuels, in line with the global clean energy trend, says the Federation of Thai Industries (FTI). Bangkok Post
Transport Minister mulls proposing several infra projects to cabinet by end of term including Bt84.6b 196km Bangpa-In-Saraburi-Nakhonratchasima (M6), Bt28.7b 22km DMT tollway extension (M5), Bt29.74b 167km dual rail KhonKaen-Nongkhai, Bt10.67b 14.8b sub-urban rail pj (Red line) Talingchan-Salaya, Bt4.69b 5.7km
Foreigners snap up B146bn of Thai stock: Foreigners were net buyers of 146 billion baht worth of equities on the Thai stock market in the first nine months of this year as they expect tourism to revive the economy in the fourth quarter, say executives at the local bourse. However, rising oil prices, the possibility of a global recession, geopolitical conflicts and climate volatility are risks investors are concerned about, said Soraphol Tulayasathien, senior executive vice-president at the Stock Exchange of Thailand (SET). Bangkok Post
