International News 21/08
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Thailand's Economy Grows 2.3% in Q2-2024, Supported by Consumption and Tourism
The Thai economy demonstrated positive growth in the second quarter of 2024, driven by increased consumption, tourism, and exports. The National Economic and Social Development Council (NESDC) has announced that the country's GDP grew by 2.3%, exceeding analysts' expectations of 2.1% growth. In the first quarter of the year, the GDP saw a revised increase of 1.6% compared to the previous year. On a quarterly basis, the seasonally adjusted GDP increased by 0.8% in the second quarter. The NESDC has announced that, while private consumption continued to grow in the second quarter, both public and private investment contracted. The agency has revised its GDP growth forecast for the year to a range of 2.3% to 2.8%, a narrower range than the previous range of 2.0% to 3.0%. Thailand's economic performance is constrained by three main factors: high household debt, elevated borrowing costs and a slowdown in exports, particularly to its main trading partner, China.
Natron Energy Builds US$1.4 Billion Battery Plant in North Carolina
Natron Energy, a US-based company, has announced plans to invest $1.4 billion in the construction of a sodium-ion battery plant in North Carolina. This strategic move will result in a significant increase of the company's production capacity by 40 times. The new plant is projected to produce 24 gigawatts (GW) of battery storage annually at full capacity, representing a significant increase from the current production capacity of 600 megawatts (MW) at the Holland, Michigan plant. Start-ups in the US and Europe are competing to develop batteries with cheaper and more readily available materials, such as sodium, in order to reduce China's dominance in the battery market and address supply shortages. However, sodium-based batteries have a lower energy density than lithium-based alternatives, storing only about half the energy per kilogram. In order to support the project, North Carolina has agreed to provide potential reimbursements of up to $21.75 million over 12 years, with Natron Energy also anticipating a $30 million grant from a state funding programme.