UTTC cuts Thailand’s growth forecast this year to 2.6%

13 Sept 09:22 Key points summarised by AI

The University of the Thai Chamber of Commerce (UTTC) **slashed Thailand's 2024 economic growth forecast to 2.6%** from an earlier 3.2%, citing a fragile recovery, sluggish private investment, and weak consumer purchasing power.
Key factors contributing to the reduced outlook include **delayed disbursement of the 2024 national budget** and the lingering impacts of the COVID-19 pandemic combined with higher interest rates.
**Q1 saw only 2% growth**, primarily sustained by tourism and exports, with a modest pickup to 2.5% anticipated in Q2 as budget funds begin to disburse.
While **Q3 is expected to strengthen to 3.1%** due to projected lending rate declines, Q4 growth is forecast to slow to 2.8% amid high household debt and cautious bank lending.
Overall annual growth **could potentially reach 3%** if the 2024 national budget disbursement accelerates and the 'digital wallet' scheme receives swift approval.

Nationwide crackdown launched on illegal nominee shareholders and land holdings

Yesterday 15:20 Key points summarised by AI

Thailand's Prime Minister Anutin Charnvirakul initiated a nationwide crackdown on illegal Thai nominee shareholders in foreign-run businesses and land holdings to safeguard national interests.
The government will integrate efforts across all relevant agencies to target illicit foreign operations, forced sales of illegally acquired property, and high-risk land ownership schemes.
Key strategies include auditing suspect land and building holdings, establishing a long-term monitoring system, and cross-referencing data from various authorities to trace ultimate beneficial owners.
Prime Minister Anutin emphasized that no influential figures or corrupt officials are above the law, promising straightforward prosecution, asset seizures, and protection for enforcing officers.
Beyond land ownership, the integrated crackdown will also extend to tackle transnational crimes, including drug and human trafficking.