TISCO slashes Thailand’s GDP forecast for 2020 to 0.8%

1 Oct 18:13 Key points summarised by AI

TISCO's Centre of Economic and Strategic Analysis drastically cut Thailand's 2020 GDP forecast to 0.8% from 1.7%, marking the lowest projection since 2009.
The primary driver for this downgrade is the severe impact of the COVID-19 outbreak, projected to cause an 18% drop in tourist arrivals and significantly weaken external and domestic demand.
Further economic headwinds include drought, domestic political instability, and a sharp decline in crude oil prices due to an OPEC conflict, posing long-term risks despite short-term benefits.
Anticipating continued weak performance, TISCO forecasts the Fiscal Policy Board will cut the benchmark policy rate by another 25 basis points in the second quarter.

New home loan scheme aims to boost property sector with Bt125 billion

Today 11:38 Key points summarised by AI

The Cabinet approved a new Bt50-billion 'A House for Each PLUS' home loan scheme from the Government Housing Bank, offering up to Bt3 million with 40-year repayment terms for low- and middle-income earners.
This initiative aims to significantly boost the property sector and national economy, projecting to generate Bt125 billion in economic activity and create jobs.