Uphill mission awaits new finance minister

13 Sept 12:42 Key points summarised by AI

Predee Daochai assumes the role of Thailand's new finance minister, facing the daunting task of steering the nation through its worst economic crisis in modern history, exacerbated by the COVID-19 pandemic.
The crisis has led to over 3 million job losses, a projected 9% decline in GDP, and a severe downturn in crucial sectors like exports and tourism, making it far more challenging than the 1997 Asian financial crisis.
Predee's mission is complicated by his non-political 'outsider' status within the Cabinet and the inherent uncertainty surrounding the pandemic's duration, requiring decisive, macro-focused policies and strong collaboration.
While the private sector's reaction has been cautious, some experts highlight Predee's extensive banking experience, particularly his role in navigating Kasikornbank through the 1997 crisis, as a potential asset in this unprecedented economic battle.

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.