The World Bank has revised Thailand's economic growth forecast for 2024, reducing it from 2.8% to 2.4%.

The World Bank has revised its economic growth forecast for Thailand in 2024 to 2.4%, down from 2.8% in the previous estimate. This revision is attributed to weaker exports and lower public investment in the early part of the year. The bank anticipates that the country's economy will be driven by consumer spending, a gradual recovery in the tourism industry, and increased exports. In 2023, Thailand's economic growth was only 1.9%, lagging behind other countries in the region. However, the World Bank forecasts that foreign tourist arrivals in Thailand will reach 36.1 million in 2024, exceeding the 2023 figure. Further projections indicate that total tourist arrivals will reach 41.1 million in 2025, with an increase in visitors from China. The World Bank also anticipates a stronger economic growth rate of 2.8% for Thailand in 2025, driven by increased domestic and international demand, as well as higher government spending.

https://internasional.kontan.co.id/news/bank-dunia-pangkas-proyeksi-pertumbuhan-ekonomi-thailand-tahun-2024-menjadi-24

Chinese electric vehicle manufacturers are bracing for billion-dollar tariffs imposed by the EU.

The European Commission is considering imposing temporary tariffs on Chinese-made electric vehicles, which could result in billions of dollars in new tariffs for Chinese automakers. These tariffs are expected to slow the expansion of Chinese electric car manufacturers in Europe. The European Union is set to confirm additional duties of up to 37.6% to prevent subsidised Chinese electric vehicles from flooding the European market. Both China and the European Commission are engaged in negotiations to resolve the issue, with Beijing denying accusations of unfair subsidies. BYD, the world's largest electric vehicle manufacturer, would face the lowest tariff increase of 17.4%, while SAIC's state-owned MG Motors, the most popular Chinese brand of electric vehicles in Europe, would face the highest increase. Despite the potential impact, experts believe that Chinese electric vehicle brands will continue to develop and gain traction in Europe, albeit at a slower pace.

https://internasional.kontan.co.id/news/produsen-kendaraan-listrik-china-bersiap-hadapi-tarif-senilai-miliaran-dolar-oleh-ue

Oil Prices Close Weak on Fading Hurricane Beryl Impact Concerns.

Benchmark crude oil prices closed lower as concerns over supply disruptions caused by Hurricane Beryl eased. Brent crude futures for September 2024 delivery closed down 0.42% at $86.24 a barrel, while West Texas Intermediate (WTI) crude futures for August 2024 delivery closed down 0.68% at $82.81 a barrel. Earlier, WTI had risen to $84.38 per barrel on fears over the impact of Beryl on offshore oil production in the Gulf of Mexico. However, traders' fears eased as a new forecast suggested the storm would have minimal impact on platforms. Hurricane Beryl, a Category 5 storm, is expected to weaken to a tropical storm as it enters the Gulf of Mexico. Prices for both crude benchmarks had risen by around 2% in the previous session.
https://internasional.kontan.co.id/news/harga-minyak-ditutup-melemah-di-tengah-kekhawatiran-dampak-badai-beryl-yang-memudar