Page 55 - BAM ONE REPORT 2564 (ENGLISH VERSION)

Form 56-1 One Report 2021
Bangkok Commercial Asset Management Public Co., Ltd. 53

Additional Loans). These will help to stimulate consumption, lessen the impacts on business sectors, and maintain a higher
level of employment. It is forecast that public consumption and public investment will expand by 3.8% per year (with a
forecasting range of 3.3% - 4.3%) and 8.1% per year (with a forecasting range of 7.6% - 8.6%) respectively.

On the side of domestic stability, headline inflation in 2021 is predicted at 1.0% per year (with a forecasting range
of 0.5% - 1.5%) due to the government sector implementing measures to reduce public utility fees for the public and
business sectors nationwide and the excess supply that leads to a price decline in the fresh food sector. As regards the
external economic stability, current account is expected to post a deficit of USD -18.3 billion, or -3.7% of GDP (with a
forecasting range of -4.2% to -3.2% of GDP), caused by a decrease in trade surplus and a deficit in services trade.

Table illustrating Thai economic forecasts for 2021

20201
Description 2019 2020
Average Rank

1. GDP growth rate (%) 2.4 -6.1 1.0 0.5 - 1.5
2. Total investment
2.1 Private (%) 2.8 -8.4 4.0 3.5 - 4.5
2.2 Public (%) 0.2 5.7 8.1 7.6 - 8.6
3. Consumption
3.1 Private consumption (%) 4.5 -1.0 0.8 0.3 - 1.3
3.2 Government consumption (%) 1.4 0.9 3.8 3.3 - 4.3
4. Inflation rate 0.7 -0.8 1.0 0.5 - 1.5
5. International trade

5.1 Export value, growth rate (%) -3.3 -19.4 8.4 7.9 - 8.9
5.2 Import value, growth rate (%) -5.6 -13.3 17.8 17.3 - 18.3
5.3 Trade balance (billion USD) 26.7 40.9 23.6 21.6 - 25.7
5.4 Current account balance (billion USD) 38.4 17.6 -18.3 -20.8 to -15.8
Proportion to GDP (%) 7.1 3.5 -3.7 -4.2 to -3.2

Source: Fiscal Policy Office
Remark: Forecast data as at October 28, 2021

Asset management Company’s business
In view of the overall economy that has not yet fully recovered as described earlier, NPLs in the financial sector
have been on a rise. Based on the Bank of Thailand’s statistics as at September 2021, NPLs in the financial sector stood
at Baht 546,305 million, rising by 4.40% from Baht 523,261 million in 2020. The rising trend of NPLs in the financial
sector can be shown in the chart below: