Japan slips into recession, worst yet to come as pandemic wreaks havoc

14 Sept 01:45 Key points summarised by AI

Japan's economy officially entered recession, shrinking for two consecutive quarters (Q4 2019 and Q1 2020), marking its first recession in 4.5 years.
The Q1 contraction of an annualized 3.4% was driven by significant declines in private consumption, capital expenditure, and exports, exacerbated by the coronavirus pandemic and an earlier sales tax hike.
Economists project a much deeper slump in Q2, with a record annualized 22.0% contraction anticipated due to the nationwide state of emergency, signaling the worst postwar economic decline.
In response, the government has launched a record $1 trillion stimulus package and the central bank expanded its own measures to mitigate the severe economic impact of the pandemic.

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

Yesterday 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.