Spending through credit cards in Thailand to grow 12-13% in 2016

BANGKOK, May 26 (TNA) - People's spending via credit cards in Thailand is projected to reach 131 billion baht this year, up 12-13 per cent year-on-year. Thakorn Piyapan, Chief of Krungsri Consumer, made the prediction on May 25, saying people's spending through credit cards this month has increased from last month, most of which is for buying air-conditioners, cellphones, cameras and online shopping. Thakorn noted that many people used their credit cards for their travels both domestically and abroad last month due to long public holidays in Thailand. Thakorn foresaw because of remaining risk factors, including impacts from an ongoing domestic economic slowdown, a drop in farmers' income and higher costs of living, the use of credit card during the second quarter of this year should not grow much. The senior banker expressed his optimism, however, that spending through credit cards should grow by 12–13 per cent year-on-year on average in 2016. Meanwhile, the Federation of Thai Industries (FTI) reported that the country's industrial confidence index (ICI) declined to 85 last month, from 86.7 a month earlier, due to the long public holidays. FTI Chairman Chen Namchaisiri also suggested that local business operators explore regional opportunities in the ASEAN Economic Community (AEC), which has been established since January 1, 2016. (TNA)