Financial crisis to silent crisis: 24 years after the baht’s freefall

2 Oct 13:49 Key points summarised by AI

The 1997 financial crisis saw Thailand's baht collapse due to speculation, triggering widespread bankruptcies for companies with unhedged dollar debts and necessitating a significant economic restructuring.
Post-crisis, Thailand adopted a floating exchange rate and achieved a current account surplus, yet its economic growth notably slowed, averaging a modest 3-4% annually in the subsequent decades.
The nation now faces a 'silent crisis' characterized by new structural weaknesses, including escalating public debt from populist policies, an inefficient public sector, and a decline in private sector competitiveness.
Thailand is caught in a 'middle-income trap,' struggling with reduced foreign investment, an aging society, high labor costs, and an over-reliance on tourism, hindering its path to faster economic development.

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.