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Thailand’s GDP this year set to contract 7.8-7.3%, not 5-6% previously forecast

13 Sept 11:01 Key points summarised by AI

Thailand's Finance Ministry revised its 2020 GDP forecast to a sharper contraction of 7.8-7.3%, up from the previous 5-6%, primarily due to the severe impact of the COVID-19 pandemic.
Household debt surged to a four-year high, and unemployment escalated significantly, especially in the hospitality and retail sectors, with an estimated two million people projected to lose jobs this year.
The National Economic and Social Development Board (NESDB) proposes new government stimulus packages for businesses, workers, and tourism, acknowledging the limited success of previous initiatives.
This updated forecast is based on assumptions including no second COVID-19 wave and continued foreign tourist restrictions, with the current political situation posing an additional risk to economic recovery.

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.