Finance minister likens Thai economy to “rich man without a future”

25 Sept 02:14 Key points summarised by AI

Finance Minister Pichai Chunhavajira described Thailand's economy as a "rich man without a future" due to sluggish growth and a significant decline in new investment, despite substantial idle capital.
New investment has sharply dropped to 20% of GDP from 40% in previous years, contributing to low annual growth (forecast at 2.7% this year) and exacerbating issues like high household debt.
Public debt is nearing its 70% ceiling, severely limiting the government's future borrowing capacity for investment and underscoring the need for strict fiscal discipline.
To revitalize the economy, the minister advocated for strong government-private sector cooperation, modernizing exports with new technology and investment, and developing worker skills for hi-tech and green energy sectors.

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.