International News 11 March 2025
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Thailand aims for economic growth of more than 3% with US$4.4 billion stimulus programme
The Thai government aims to exceed its 3% economic growth target this year through various stimulus measures and a flagship digital wallet scheme.The government plans to implement the next phase of the stimulus measures, including the digital wallet scheme, by the end of the third quarter, with measures worth 150 billion baht.Thai Deputy Finance Minister Paopoom Rojanasakul expressed confidence in the effectiveness of the stimulus packages, stating that sufficient funds have been allocated. The government is particularly optimistic about the 450 billion baht digital wallet scheme, which is expected to provide financial assistance to around 45 million people.However, despite the cash transfers made, the central bank governor highlighted issues with consumption, as some of the aid was used to repay loans rather than stimulating spending. Thailand's economic growth in the last quarter of 2024 fell short of expectations at 3.2%, and the country's overall economic growth for the year was slower than anticipated.
Oil prices plummet, tariff uncertainty makes investors nervous
On Monday, oil prices fell, primarily due to concerns about the impact of US import tariffs on global economic growth and fuel demand. Additionally, increased production from OPEC+ member countries reduced investor interest in riskier assets.Brent crude oil prices fell by 6 cents to $70.30 per barrel, while US West Texas Intermediate crude oil prices dropped by 8 cents to $66.96 per barrel. This decline marks the longest consecutive weekly drop for WTI oil prices since November 2023 and the third consecutive weekly decline for Brent oil prices.The imposition of tariffs by US President Donald Trump on major oil suppliers, Canada and Mexico, as well as increased taxes on Chinese goods, contributed to this downward trend.Other factors such as concerns about US growth, potential sanctions on oil prices, and the possibility of a global economic downturn also had a negative effect on oil prices.
Gold Prices Thinly Strengthened Today, Estimated to Break US$ 3,000 this Week
It is predicted that gold prices will continue to rise, potentially reaching $3,000 per troy ounce. On Monday, spot gold prices increased by 0.08% to $2,911.48, while the April 2025 gold delivery contract rose by 0.12% to $2,917.7 per troy ounce. The bullish trend is influenced by the weakening US dollar, which is close to its lowest level since November 11.The reevaluation of the US trade tariff policy towards Mexico and Canada has heightened investor concerns and increased demand for gold as a safe-haven asset.The uncertainty over US economic policy, including growing threats to economic growth and inflation concerns, has further supported the upward trajectory of gold prices. This has led to speculation that the central bank may adopt a more accommodating interest rate policy.