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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Kazakhstan’s capital, Astana, has been selected to host the 2026 edition of the Games of the Future, an innovative international phygital sports tournament blending traditional athletic competition with digital gaming.
Two months after the reopening of the border between Tajikistan and Kyrgyzstan, the revival of traditional frontier trade remains sluggish, as mutual suspicion and long-standing grievances continue to cast a shadow over efforts to restore normal relations.
For the second phase of development of the Absheron gas field located in the Azerbaijani sector of the Caspian Sea, one of the key innovations will be the introduction of the world’s first automated underwater system for launching cleaning devices (PIGs) to remove possible deposits in pipelines.
President Donald Trump is "likely" to speak with Chinese President Xi Jinping this week, according to a statement from the White House.
Hungary's MOL Group and SOCAR have signed key terms for an exploration, development, and production sharing agreement for a new onshore area covering the Shamakhi-Gobustan regions of Azerbaijan.
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