Thailand's economy improved in October, with exports rising 14.2% and a trade surplus of $1.4 billion. Private consumption and tourism also contributed to growth, though challenges remain for some sectors, according to the Bank of Thailand.
Thailand’s economy showed signs of improvement in October, driven by tourism, exports, and private consumption, which were bolstered by the government's economic stimulus measures, according to the Bank of Thailand on Friday.
Exports, a key economic driver, rose by 14.2% in October compared to the previous year, while imports increased by 17.1%, resulting in a trade surplus of $1.4 billion, the Bank of Thailand (BOT) reported.
Industrial production grew in line with both domestic demand and exports, excluding automobiles, the BOT stated. The current account surplus stood at $0.7 billion in October, slightly higher than the $0.6 billion surplus in September.
Private consumption saw a 0.8% increase in October from the previous month, while private investment rose by 4.5%, according to the central bank. Government spending also surged.
Tourism, another major contributor to the economy, supported the service sectors, though structural challenges continued to affect business and household income for certain groups, the BOT said. In a surprise move at its October 16 review, the BOT cut its policy interest rate by 25 basis points to 2.25%. It also raised its 2024 GDP growth forecast to 2.7% from 2.6%, but reduced its 2025 growth forecast to 2.9% from 3.0%.
The economy grew by 3% in the July-September quarter, marking the fastest pace in two years, but officials and analysts highlighted increasing challenges to sustaining this momentum into the next year.
Gen Z protests swept 34 German cities on Saturday (31 October) over education, living costs and military service proposals. Violence erupted in Fra...
Iran designated Britain's Royal Navy and Royal Air Force as terrorist organisations on Sunday, (1 November), and classified the country's f...
Since 2021, only 9 per cent of $8 billion in humanitarian aid for Afghanistan can be traced beyond initial recipients in public re...
The U.S. has approved the sale of 500 Patriot PAC-3 missiles to Ukraine in a deal worth an estimated $2.1 billion, but Kyiv could face years of delays before receiving the weapons it urgently needs to defend against intensifying Russian attacks.
Iranian Supreme Leader Ayatollah Khamenei has ordered Iran's armed forces to respond to any threat immediately and without geographical limits in statements posted to social media platforms on Saturday (31 October).
Demonstrators carrying Iranian flags and placards supporting the hijab gathered outside the Azerbaijani Embassy in London.
A Chinese-made AI chip has matched Nvidia’s H200 in tests conducted by its developer, marking a potential breakthrough in China’s efforts to reduce its dependence on foreign technology.
A hacking group linked to North Korea is widely believed to be behind the theft of $6.3 billion from cryptocurrency giant Binance, a cyberattack that experts describe as the largest cryptocurrency heist on record.
Cryptocurrencies are volatile, and their crashes make headlines. But does a slump in digital coins ever spill over into the pounds, dollars and euros in people's bank accounts? The short answer is not directly, but indirectly it can, and regulators are increasingly worried about how.
Russian President Vladimir Putin has praised record trade with Egypt as Moscow seeks to use its economic ties with Cairo to expand its influence across Africa, with a focus on manufacturing, infrastructure and energy.
Kazakhstan could begin building its first nuclear power plant in 2027, President Kassym-Jomart Tokayev said on 28 October, according to Azertac. But as Central Asia steps up its energy ambitions, which countries are investing in nuclear power and which are pursuing alternatives?
Apple's latest iPhone 18 Pro series has outperformed its predecessor in early global sales, even as rising manufacturing costs and weaker demand in some markets put pressure on the smartphone industry, according to Counterpoint Research data released on Tuesday (27 October).
Uzbekistan is moving into a new phase in the development of Islamic finance, with the country’s first Islamic banking licence issued shortly before a regional forum in Samarkand brought together industry players to discuss how the sector can expand across Central Asia.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment