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World Bank’s lowers Thailand’s GDP growth forecast for this year to 1%

13 Sept 11:16 Key points summarised by AI

World Bank significantly slashes Thailand's 2021 GDP growth forecast from 2.2% to just 1%, citing the severe economic impacts of the ongoing COVID-19 pandemic.
Despite the immediate downturn, the Thai economy is projected to rebound to 3.6% by 2023, a year later than anticipated, driven by mass vaccinations, though the pandemic has exacerbated household debt, unemployment, and poverty.
While the crucial tourism sector struggles to recover, the export sector, particularly electronic products and farm produce, emerges as the primary driver of economic growth, despite potential risks from logistics bottlenecks and global COVID-19 situations.

20 Oct 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.