SCB WEALTH recently hosted an exclusive seminar for the next generation of investors who have completed the SCB WEALTH XCELERATE PROGRAM, under the theme "One Vision, Ahead of Curve 2027." The event provided insights into the global and Thai economic outlook and investment strategies for 2027.
BlackRock views artificial intelligence (AI) as a key driver of economic growth and corporate earnings, while recommending investments in high-quality fixed income instruments, which offer attractive return opportunities, complemented by growth equities with strong long-term potential. Emphasis was placed on portfolio diversification, particularly as the top 10 companies now account for approximately 40% of the S&P 500 Index. BlackRock also believes the U.S. Federal Reserve (Fed) is approaching the end of its rate-hiking cycle, with the possibility of one additional increase in December 2026 and potentially no further hikes in 2027.
Meanwhile, SCB Economic Intelligence Center (SCB EIC) forecasts Thailand's economy to grow by 2.1% in 2027, with the recovery remaining uneven across sectors. The Thai policy interest rate is expected to remain at 1.0% through the end of 2027. SCB EIC further recommends that Thailand pursue three key strategic directions: Go Deep, Go Wide, and Go Together, to strengthen business competitiveness and connect with growth opportunities across ASEAN.
Mr. Sornchai Suneta, CFA, Deputy Head of Wealth Business, Siam Commercial Bank, said that SCB WEALTH organized the exclusive seminar, "One Vision, Ahead of Curve 2027," for heirs and next-generation family members participating in the SCB WEALTH XCELERATE PROGRAM, with the objective of broadening perspectives on the global and Thai economies and investment opportunities in 2027.
The seminar featured distinguished speakers, including Mr. Rick Rieder, Chief Investment Officer of Global Fixed Income and Head of Global Allocation Investments, BlackRock, and Dr. Yunyong Thaicharoen, Chief Economist and Sustainability Officer, SCB Economic Intelligence Center (SCB EIC), who shared their views to help prepare the next generation of investors amid AI-driven growth and diverging economic recovery trends across sectors.
The seminar provided Next Generation Investors with direct access to insights from world-class experts, enabling them to apply the knowledge to investment planning and better prepare for economic and market developments in 2027.
The SCB WEALTH XCELERATE PROGRAM is an intensive investment education program that has already completed three cohorts and is expected to open applications for its fourth cohort in the near future. The program is designed to enhance investment knowledge based on international standards, cultivate systematic thinking and decision-making processes similar to those employed by professional investors, and foster a learning network where members can exchange experiences and build future opportunities together. The initiative aims to prepare participants for the future responsibility of preserving and growing family wealth across generations.
"SCB WEALTH is committed to standing alongside every family, not only in wealth management but also through access to knowledge and valuable networks, empowering the next generation to build upon and sustainably pass on their family's success in line with our philosophy, 'Your Success. Our Success.'," said Mr. Suneta.
AI Continues to Drive Global Economic Growth
Mr. Rick Rieder, Chief Investment Officer of Global Fixed Income and Head of Global Allocation Investments, BlackRock, said that the global economy continues to receive substantial support from investment in artificial intelligence (AI), particularly in graphics processing units (GPUs), data centers, and energy infrastructure.
These investments are transforming economic structures and improving productivity, enabling businesses to expand operations without increasing headcount proportionately. Companies that successfully deploy AI can potentially enhance revenue growth and profit margins, resulting in higher earnings per employee and supporting overall corporate earnings growth.
However, economic growth remains highly uneven across sectors. Areas that are less sensitive to interest rates, particularly AI-related investments, continue to expand rapidly. Capital expenditures by major U.S. technology companies and hyperscalers are estimated to reach USD 1 trillion in 2026 and could increase to USD 1.7 trillion in 2027 (Bloomberg and BlackRock data as of 16 October 2026). This trend is increasing demand for capital raising through both debt and equity markets.
As a result, BlackRock focuses on identifying companies capable of converting AI demand into sustainable revenue and cash flow while consistently generating returns above their cost of capital.
Conversely, interest rate-sensitive sectors such as housing and small businesses continue to face pressure from elevated financing costs. These divergent conditions require the Fed to carefully balance policy decisions, as some sectors remain resilient while others show signs of weakness. Inflationary pressures also continue to stem from both demand-side and cost-side factors, particularly in energy and semiconductors, reinforcing the need for a restrictive monetary policy stance.
Mr. Rieder noted that historically, U.S. nominal GDP growth, which incorporates price effects, has generally moved in line with yields on 10-year U.S. Treasury bonds. In 2026, nominal GDP growth is expected to exceed 6.5% before moderating in 2027, which could pave the way for stable or gradually declining interest rates.
BlackRock believes the Fed is nearing the conclusion of its tightening cycle, with a possibility of one final rate increase in December 2026 and potentially no additional hikes throughout 2027.
Concentration Risk in the U.S. Equity Market
Another key issue is the concentration within the U.S. equity market. The largest 10 companies now represent approximately 40% of the market capitalization of the S&P 500 Index, generate more than 40% of aggregate net earnings, and contribute over 70% of the year-over-year increase in net earnings (Bloomberg data as of 30 September 2026).
This indicates that overall index earnings are increasingly dependent on a relatively small group of companies. Furthermore, only 20 stocks have accounted for approximately 92% of upward revisions to the index's earnings-per-share (EPS) estimates since the beginning of the year (Bloomberg data as of 16 October 2026).
Despite this concentration, BlackRock continues to see investment opportunities in equities, particularly among companies capable of consistently growing earnings and cash flow. However, valuation alone is insufficient for assessing future returns. Portfolio construction should also take into account growth potential, volatility, and dependence on mega-cap stocks, while ensuring a broader diversification of income and return sources.
Fixed Income Offers Attractive Opportunities
Although investment markets continue to face volatility arising from geopolitical developments, liquidity conditions, and rapid advancements in AI, BlackRock believes current fixed income yields present compelling income opportunities.
In the United States, BlackRock has constructed portfolios with the potential to generate approximately 7% yield income through diversified exposure to a range of asset classes, including global government bonds, corporate bonds, and mortgage-backed securities (MBS).
Such yield levels do not guarantee total returns, and actual results will depend on portfolio composition and market conditions. Nevertheless, the current environment is considered one of the most attractive periods for fixed income investing in decades, as higher starting yields allow carry income to provide a greater cushion against price volatility, even when market yields rise and bond prices come under pressure.
Within corporate credit markets, high-quality issuers with strong growth profiles, particularly in technology and AI infrastructure sectors, are attracting increasing investor interest. BlackRock believes credit spreads continue to offer attractive opportunities; however, issuer selection remains critical. Investors should focus on companies with strong credit quality and sustainable cash-flow generation capable of supporting debt obligations.
BlackRock currently favors U.S. investment-grade fixed income securities with short- to intermediate-term maturities of approximately 3 to 4 years, which can serve both as income-generating assets and as tools for managing portfolio interest rate risk.
Mr. Yunyong Thaicharoen, Chief Economist and Sustainability Officer, SCB, stated that SCB EIC forecasts the Thai economy to expand by 2.2% in 2026 and 2.1% in 2027, driven primarily by exports and investment in the digital and electronics sectors. Nevertheless, the recovery remains uneven, with the benefits of growth concentrated in certain industries and large corporations. Meanwhile, small and medium-sized enterprises (SMEs), businesses reliant on domestic purchasing power, and lower-income households continue to face pressures and are recovering at a slower pace.
Looking ahead, Thailand’s economy will be shaped by three major global forces: the rise of artificial intelligence (AI), geoeconomic fragmentation, and the environmental transition. These trends present opportunities for Thailand to attract investment and integrate into emerging global supply chains. However, high import dependency, lingering economic scars from the COVID-19 pandemic, and long-standing structural challenges continue to limit the transmission of growth benefits to the broader domestic economy, resulting in an uneven distribution of economic gains.
As a result, Thailand’s economic recovery is becoming increasingly characterized by a K-shaped pattern across industries, businesses, and households. Electronics, technology-related industries, and businesses connected to the new economy are well positioned for growth, whereas traditional industries and businesses dependent on domestic demand continue to experience a more limited recovery. Similarly, formal-sector workers and higher-income households are generally better equipped to adapt to ongoing changes than informal-sector workers and lower-income households, who continue to face income constraints and elevated debt burdens.
SCB EIC expects Thailand’s policy interest rate to remain at 1.0% through the end of 2027 to support an economy that is still recovering unevenly amid high debt levels and limited access to credit among households and SMEs. Headline inflation is projected to average 1.9% in 2026 and 1.0% in 2027, with part of the inflationary pressure stemming from supply-side factors. The low interest rate environment may also add downward pressure on the Thai baht relative to regional currencies. Nonetheless, Thailand continues to benefit from strong external fundamentals, including international reserves of approximately USD 277 billion as of 12 October 2026, as well as relatively stable government bond yields, which should help cushion pressures from financial market volatility.
Regarding opportunities in the ASEAN economy, the International Monetary Fund (IMF) projected in October 2026 that the economies of the five major ASEAN countries, namely Indonesia, Malaysia, the Philippines, Singapore, and Thailand (ASEAN-5), would expand by 4.4% in 2026 and 4.3% in 2027, outperforming the global economy, which is forecast to grow by 3.1% and 3.4%, respectively. Supply chain realignment driven by geopolitical shifts, investment in digital infrastructure, and the energy transition are creating opportunities for ASEAN countries to leverage and complement their respective strengths. Key opportunities lie in three areas: (1) manufacturing and services linked to emerging supply chains and regional growth, (2) digital infrastructure, AI, and clean energy, and (3) power grids, energy storage systems, financial services, and cross-border payment systems.
SCB EIC believes that Thailand can capitalize on ASEAN’s growth through three strategic approaches:
Go Deep: Upgrade value chains, strengthen linkages among businesses and SMEs, and enhance capabilities through skills development and technology adoption.
Go Wide: Diversify export markets, sources of raw materials, production bases, and funding sources to reduce dependence on any single market.
Go Together: Foster deeper ASEAN cooperation through greater regulatory and standards alignment, enhanced connectivity in energy, digital, and logistics systems, further development of capital markets and cross-border payment infrastructure, and expanded funding sources for regional investment projects.
Through these strategies, Thailand can deepen its integration with the region and ensure that the benefits of ASEAN’s growth are shared more broadly and inclusively across the economy.
Source: Exclusive seminar for participants of the SCB WEALTH XCELERATE PROGRAM, held on 28 October 2026. Information is subject to change. Investors should exercise their own judgment when making investment decisions.
Important Risk Warnings
Investments involve risks. Investors should understand the features of the products, the conditions governing returns, and the associated risks, and should seek additional advice from qualified financial professionals before making any investment decisions.
As the fund does not fully hedge foreign exchange risk, investors may incur losses or gains from exchange rate fluctuations and may receive proceeds that are lower than their initial investment amount.
For more information, please contact SCB Call Center at 02-777-7777.
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