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.
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President Donald Trump said the U.S. is close to an agreement with Ukraine on sharing mineral revenue as part of efforts to end the war, aiming to recoup military aid sent to Kyiv.
Germans head to the polls in a national election expected to return Friedrich Merz’s conservatives to power while giving the far-right Alternative for Germany (AfD) its best-ever result, marking a significant rightward shift in Europe’s largest economy.
Polish President Andrzej Duda called for a stronger U.S. presence in Poland and Central Europe during a meeting with Donald Trump in Washington. Trump, however, assured Duda of U.S. support, saying Poland is a credible ally.
Pope Francis' health has worsened, with the Vatican describing his condition as "critical" for the first time. He has received supplemental oxygen and blood transfusions.
A knife attack in Mulhouse has left one person dead and three injured. France’s Interior Minister says migration issues played a role in the incident.
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