The new coalition government in Thailand, led by the Move Forward Party, is set to benefit the retail, banking and tourism sectors. The party emerged victorious in the May 14, 2023 General Election, putting an end to nine years of pro-military rule.
Retailers such as Central Group, The Mall Group, Robinson Department Store, and Big C Supercenter are expected to benefit from proposed policies such as cash handouts, lower electricity and fuel costs, and an increase in minimum wages. These measures are set to boost the purchasing power of the Thai people.
The banking sector is also predicted to see improvements with increased loan demand and asset quality as the new government is expected to ease some of the restrictions placed by the previous military regime. Banks such as Bangkok Bank, Siam Commercial Bank, Kasikornbank, and Krung Thai Bank have been struggling with high levels of non-performing loans and low profitability due to the sluggish economy and political uncertainty.
Analysts suggest that the policies laid down by the Move Forward Party will have a positive impact on these sectors and help stimulate the Thai economy.
Retail, banking and tourism sectors expected to gain from election outcome
