Bangkok, Kiatnakin Phatra Financial Business Group (KKP) reveals that in 2024 it will focus on three main pillars. Bank-Wealth-Investment Banking Keep an eye on the Thai economy, it may reach a turning point. We must urgently find a consensus for moving forward. Mr. Apinan Kleawpatinont Chief Executive Officer Kiatnakin Phatra Financial Business Group Discussing the direction of business operations for 2024, the trends in the development of the world's financial and capital markets indicate that businesses today use various channels to mobilize resources for business operations. It is not limited to just bank loans. Therefore, the business group aims to further develop its business on three main pillars. is the commercial banking business Wealth management and investment management business for personal clients and investment banking business To create strong growth from many channels and be flexible to support the development of the economic system that changes according to access to information, technolog y, and regulations. 'The commercial banking business will be the base of income that grows according to the size of the balance sheet. Therefore, we must focus on raising deposits to respond to the increasing demand for credit expansion. while wealth management and investment management businesses for individual clients and investment banking business Will aim to raise the level of service to international standards. to generate income from fees It is an efficient use of capital with low credit risk,' Mr. Apinan said. Mr. Philip Chiang Chong Tan, President Kiatnakin Phatra Bank Public Company Limited said that the bank's operating results in 2023 saw a decrease in profits from the car hire purchase business where customers were affected by the economic and interest rate conditions. together with changes in car prices, therefore, the bank's operations focus on managing and managing asset quality. which began to see signs of improvement Along with expanding the proportion of the market with good quality credi t through car-for-money loans, by 2024 the bank aims to expand total loan growth at a rate of 3 percent under effective cost management. as well as expanding the results of the group's digital service platforms such as Digital Edge and Dime to reach and deliver the best experience to customers. Dr. Phiphat Luengnaruemitchai Chief Economist Kiatnakin Phatra Financial Business Group Said that the world economy in 2024 has four economic trends that must be closely watched: The world economy is about to grow in opposite directions (Growth divergence). The overall world economy is in the direction of slowing down slightly. But they are quite different. Especially the number one and number two economies in the world. Led by the United States, which will continue to grow stronger than expected. Meanwhile, the Chinese economy faces the problem of slowing down. Meanwhile, world interest rates have passed their peak and begun to decline. World inflation has begun to decline, while international politics is an issue of uncertainty. ,Elections are taking place in many countries around the world. As for the Thai economy, it will still recover slowly and end the cycle of rising interest rates. The continued recovery of the tourism sector and the recovery of exports are the main economic drivers this year. While stimulating the economy from government policy, there is still considerable uncertainty. It will affect the economy in the short term. Thailand's policy interest rate is expected to remain at 2.5% for most of the year. But there is a chance that it will be reduced if the government economic stimulus cannot be implemented. or economic growth trends are lower than expected and Thailand has structural problems There is still more violence. Both the problems of an aging society and a declining labor force Problems in the quality of education that have accumulated over the decades and investment that disappeared almost 30 years after the Tom Yum Kung crisis. 'The Thai economy is now at a turning point. Perhaps more importa nt is that we don't know what the problem is or how to fix it. But it might be to find a consensus among society on how to begin solving these problems. And it's something that we need to start talking about. Because solving these problems takes time. It may take decades to see results,' Dr. Pipat said. A case in point is Japan's economic reforms under Prime Minister Shinzo Abe between 2006-07 and 2012-20, which introduced the "Three Arrows" policy that focused on monetary policy. Fiscal policy that emphasizes building confidence and economic reform policy including the labor market, agriculture, and company governance Various regulations Private competition Consumption tax increase and bringing Japan into trade agreements Yet it took nearly a decade for the Japanese economy to begin recovering. Throughout the said period Prime Minister Abe had to dissolve parliament to allow the people to make decisions many times in order to create "political consensus" because there are people who both benefit and lose fr om the reform policy. Source: Thai News Agency