World Bank: Recession a looming threat for global economy

14 Sept 02:18 Key points summarised by AI

The World Bank warns the global economy is "perilously close" to a recession in 2023, slashing its growth forecast to a mere 1.7% due to significant slowdowns across the United States, Europe, and China.
Major economies face severe weakness: the U.S. may narrowly avoid recession but confronts headwinds, Europe's economy is projected to stagnate, and China's growth forecast is significantly reduced.
Rising interest rates in developed nations divert crucial investment capital from poorer countries, exacerbating poverty and limiting access to essential resources, particularly in regions like Saharan Africa.
Ongoing factors like high inflation, increased borrowing costs, supply chain vulnerabilities, and the Russia-Ukraine war (keeping food prices elevated) are key drivers behind the bleak global economic outlook.

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.