Thailand Banking & Financial Services Q4 2019
The financial sector is characterised by increasing deregulation, particularly with regard to foreign ownership, driven byThailand's membership of the ASEAN Economic Community. This has been occurring more in the insurance sector to help grow theindustry, which is expected to grow steadily to 2023, with average growth expected to be 6.6% y-o-y during the forecast period.Banking sector loan growth is set to slow down to around 4.5% during 2019 as well as face rising non-performing loans. Stockmarket activity is underpinned by a steady stream of IPOs. Domestic asset managers are so far retaining a competitive edge throughtheir dominance of distribution channels, but foreign competition is increasing. Overall, the banking and financial sector is growingat a moderate pace and is expected to continue this way for the foreseeable future.
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