Fiscal Policy Office cuts 2023 economic growth projection to 2.7%

21 Sept 05:44 Key points summarised by AI

The Fiscal Policy Office (FPO) has reduced Thailand's 2023 economic growth forecast from 3.5% to 2.7%, aligning with projections from the IMF and Bank of Thailand.
This downward revision is primarily attributed to a significant contraction in exports, now expected to shrink by 1.8%, and a slowdown in tourist arrivals, especially from China.
Despite the lowered forecast, the Thai economy continues to expand, bolstered by strong private sector consumption growth of about 5% and a lower inflation rate of approximately 1.5%.
For 2024, the FPO projects a 3.2% growth, driven by anticipated increases in private consumption, exports, investment, and a rebound to 34.5 million tourist arrivals, not including potential effects from the proposed 'digital wallet' scheme.

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.