Concerned that the deepening uncertainty over the debt crisis in the eurozone, combined with a general slowing of the global economy, could impact the country’s capital markets, Thailand is keeping a wary eye on the situation in Europe.
Asia Financial Services
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The insurance sector is forecast to see substantial growth in the next few years as continued diversification, consolidation and international activity spur rising premiums and uptake of new services. Moderate GDP growth for the rest of the year, however, could pose a challenge to growth as the effects of a weakening global economy trickle down to private consumers.
Foreign and domestic investor interest in Mongolia’s capital markets is rising thanks to fresh progress towards the approval of a planned new securities law and plans to modernise the country’s stock exchange.
Despite declining profits in 2011, Brunei Darussalam’s banks are looking forward to a period of financial stability and new products, as tighter lending rules put in place by the government have created a clean slate for new, better-regulated credit activity.
The central bank, Bangko Sentral ng Pilipinas (BSP), has moved to boost banking services in rural regions by lifting restrictions on the number of branches small lenders are allowed to operate, while trying to convince rural banks to merge to strengthen their capital base.
Brunei Darussalam has long identified Islamic finance as a sector that can be developed to its advantage, both to serve the banking needs of its domestic economy and as an avenue for economic development at the international level. To achieve these objectives, however, it will need to step up investments in human resources.