Thai growth lags region as Middle East tensions weigh on outlook: ADB

15 Sept 14:45 Key points summarised by AI

The Asian Development Bank (ADB) forecasts developing Asia's economic growth to slow to 5.1% in 2024-2025, down from 5.4% last year, attributing the deceleration to Middle East conflict and trade uncertainty.
Thailand's growth outlook remains significantly weaker than the regional average, projected at 1.5%-1.8% for 2024, due to weak exports, high household debt, and structural constraints.
Regional inflation is expected to rise to 3.6% this year, with a prolonged Middle East conflict identified as the primary risk that could sustain high energy and food prices, tightening global financial conditions.
Despite external risks, the region maintains relative strength from robust domestic demand and public infrastructure spending, but the ADB urges governments to implement sound macroeconomic policies and targeted support for vulnerable households.

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.