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International

Thailand Central Bank Sees Heightened Risks to Economy Amid Middle East Conflict Impact

Thailand's central bank decided to keep the current policy rate unchanged at 1% amid increasing uncertainty arising from the Middle East war, according to minutes from the Monetary Policy Committee meeting held April 24 and 29.The conflict in the Middle East has led to a significant rise in energy prices globally, a negative impact on the travel industry, and logistics issues, including shortages of raw materials. The Thai economy, along with other Asian economies, has been severely impacted due to a high dependence on energy and commodity imports from the Middle East, the minutes revealed.Under the baseline scenario in which the situation improves in the first half of 2026, the central bankers now expect Thailand's economy to expand at a slower pace of 1.5% and 2%, respectively, in 2026 and 2027, according to the minutes.Overall credit growth is also expected to remain subdued in 2026 as financial institutions remain cautious with lending.Headline inflation is projected to increase to an average of 2.9% in 2026, followed by a drop to 1.5% in 2027.The country's economy faces heightened risks due to the potential of prolonged war and continued supply disruptions.The committee believes the challenges arising from the war can be addressed through a coordinated policy mix, including monetary policy, fiscal policy, and targeted financial measures."The Committee maintained that consumption-based stimulus offered only transient economic support. Instead, policy should prioritize structural transformation and the preservation of fiscal space given the prevailing global uncertainty," the minutes stated.

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Asia

WCON Electronics to Invest $10 Million in Thai Unit

WCON Electronics (SHE:301328) will invest an additional $10 million in its Thai subsidiary.Proceeds will be used for factory and dormitory construction as well as fixed asset purchases, according to a Tuesday filing with the Shenzhen bourseThe subsidiary is currently in its factory renovation and equipment installation phase with no actual operations yet.Shares of the electronic connector producer closed 1% higher Wednesday.

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Asia

Market Chatter: ADB to Trim ASEAN Growth Forecasts as US-Iran War Drags On

The Asian Development Bank's (ADB) previous "early stabilization" scenario is no longer valid amid continued war in the Middle East, The Star reported Tuesday, citing ADB chief economist Albert Park's address to reporters.This prompts a revision of the earlier outlook, he reportedly said, as the conflict has stretched beyond initial expectations. Under updated projections, regional growth is now seen slowing to 4.7% in 2026 and 4.8% in 2027, while inflation forecasts have also been revised higher to 5.2% this year.Park warned that energy markets remain under pressure, with gas prices up around 30% and diesel rising even more sharply, while fertilizer costs have surged, raising risks for food and industrial supply chains. He also cautioned that prolonged disruption could keep oil prices elevated, with scenarios showing averages near $96 per barrel in 2026 and even higher in worst-case conditions, the news outlet said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Thailand Approves 958 Billion Baht Projects Including TikTok Investment

Thailand gave a green light to six major investment projects worth 958 billion baht, with a plan by a local TikTok unit being the largest, according to a Wednesday statement by the country's investment board.TikTok System (Thailand) is launching an 842 billion ⁠baht project to expand data infrastructure by installing new servers and boosting data storage and processing capacity, the board said.Two of the other projects are also in the data center niche, with the remaining in the renewable energy, circular economy and resource-based industries.Additionally, a second batch of projects under the Thailand FastPass mechanism and aimed at strengthening electricity readiness and improving access to clean energy, was also approved.

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Asia

Market Chatter: Thailand Ends 25-Year Energy Exploration Agreement with Cambodia

Thailand ended a 25-year contract with Cambodia to jointly explore hydrocarbons in the Gulf of Thailand on Tuesday, Reuters reported the same day.The move reportedly came despite Cambodia's insistence to see the entire term of the agreement through.The termination had reportedly been anticipated for some time, and comes after armed clashes between the countries last year, according to the report.Thai Prime ​Minister Anutin Charnvirakul denied clashes along the border were the reason to scrap the contract and described it as "part of his policy" amid what he termed was a lack of progress after 25 years.Anutin had pledged to cancel the agreement as part of his election campaign which had him re-elected as premier.Cambodia's Foreign Minister Prak Sokhonn conveyed disappointment over the move, Reuters said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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US Markets

Asian Industry Sustains Expansion in April: PMI Report

Despite headwinds from Persian Gulf turmoils, Asia's business sectors largely expanded in April, led by the automobile industry, reported S&P Global on Wednesday."Output growth was recorded across 16 of the 18 monitored Asian sectors in April. This figure was up from 15 in March, as metals & mining production returned to growth," said S&P Global, citing its surveys of regional economies.Showing strength in April was the automotive industry. "Leading the rankings for the first time in nearly two years was the automobiles & auto parts sector. The pace of output expansion in the sector quickened to the steepest since May 2024 and was rapid overall," explained S&P Global.Among the broader categories, consumer products did generally well in April."Consumer goods outperformed the other six tracked areas, with growth also supported by strong and accelerated expansions in output across the beverages & food and household & personal use products segments," added S&P Global.The tech and industrial sectors followed consumer goods on the upside, while the slowest expanding sectors were basic materials, financials and healthcare.In contrast to the general regional expansion, the forestry & paper products and construction materials sectors experienced softening in April, reported S&P Global.However, Asian business managers also reported rising and accelerating costs of operation in April."On the prices front, the latest data indicated that cost burdens rose in 17 of the 18 monitored sectors in April. Notably, the majority of these saw expenses increase at a stronger pace than in March," said S&P Global.Of the 18 monitored industries, only banks and real estate lowered output charges, said the credit-rating agency.The Asia Sector PMI indices were compiled by S&P Global from surveys received from 6,000 Asian private-sector companies.

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Asia

Market Chatter: Thailand Cabinet Green Lights Up to THB400 Billion Loan

Thailand's cabinet has signed off on an emergency decree allowing the government to borrow up to 400 billion baht to cushion rising living costs linked to the Middle East conflict, the Nikkei Asian Review reported Wednesday.The move is set for parliamentary review next week under fast-track constitutional provisions, with the government citing risks of stagflation as justification, according to the report.Half of the funds will be directed toward subsidies for low- and middle-income households, farmers, and vulnerable groups, while the remainder is earmarked for longer-term reforms including renewable energy rollout and electric vehicle support. A finance ministry-led committee will oversee disbursement, Nikkei reported.The decision follows energy disruptions tied to tensions involving Iran, which have pushed up fuel and transport costs in Thailand, heavily reliant on Middle Eastern imports. Authorities have cut 2026 growth forecasts to 1.6%, while private estimates are even lower, warning of stagflation risks. Public debt now stands near 66% of GDP, its highest since the late 1990s.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Market Chatter: ASEAN Leaders to Gather in Philippines as US-Iran War Pressures Region

Leaders of the Association of Southeast Asian Nations (ASEAN) are set to confront the widening economic shock of the Iran conflict at this week's summit in the Philippines, with inflation and supply disruptions taking center stage, Nikkei Asian Review reported on Wednesday.The talks will also cover the crisis in Myanmar and efforts to advance a South China Sea code of conduct. Attacks linked to the US-Iran war have choked shipping through the Strait of Hormuz, disrupting global supplies of oil and gas and leading to surging prices. Energy-importing economies such as the Philippines, Thailand and Vietnam are facing rising costs and strained supply chains, prompting subsidies, shorter work weeks and emergency measures. reportedly.Analysts say ASEAN's calls for de-escalation have had a limited impact, leaving leaders under pressure to respond. Divisions persist over Myanmar policy, while long-running negotiations with China on a South China Sea code are unlikely to conclude soon amid competing priorities and geopolitical tensions, the Nikkei said.The 48th ASEAN Summit and related meetings are taking place in Cebu, Philippines, from May 6 to May 8, 2026.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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International

Thailand's Inflation Rises 2.89% in April

Thailand's consumer price index rose 2.89% in April from a year earlier, versus an 0.08% decline in the month prior, the country's Commerce Ministry said Wednesday.The reading exceeded the 2.2% median projection in a Bloomberg survey of economists.Thailand's inflation picked up at its fastest pace since February 2023, marking the first return to the Bank of Thailand's 1% to 3% target band since February last year. Officials expect inflation to rise further to 3.06% in May and 3.27% in June, before peaking near 4.1% in October, Bloomberg News reported, citing a press briefing.Market reaction was muted, with the 10-year government bond yield inching up one basis point to 2.24%, while the baht held steady after gaining 0.6% against the dollar.Core inflation, which excludes selected food and energy items, rose 0.83% during the month, faster than 0.57% a month prior.

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Asia

Market Chatter: SouthEast Asian Rice Farmers Bear Brunt of Burgeoning Costs Amid Middle East Conflict

Rice farmers across South and Southeast Asia face mounting cost pressure ahead of the planting season as fertilizer prices spike, raising concerns over regional food supply, Nikkei Asian Review reported Wednesday.Fueled by geopolitical instability in the Middle East, urea prices climbed 18% in April after surging 54% in March. Benchmark urea prices hit $857 per ton in April, according to the World Bank, more than doubling from a year earlier and surpassing March's four-year high, the report said.This follows the closure of the Strait of Hormuz, which disrupted exports from Qatar and Saudi Arabia. The two countries account for roughly a third of global supply, according to the report.Higher input costs are forcing farmers to cut fertilizer use, risking weaker yields as the rice-growing season begins. With Asia heavily reliant on Gulf supplies, prolonged disruption could trigger shortages, while rising energy and transport costs may push overall production expenses up by as much as 80%, the Nikkei said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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International

ASEAN Manufacturing Growth Slows to Nine-Month Low in April, S&P Global Says

ASEAN's manufacturing sector expanded at a slower pace in April, with growth easing to a nine-month low as price pressures intensified, according to data released by S&P Global on Tuesday.The S&P Global ASEAN Manufacturing Purchasing Managers' Index fell to 50.7 in April from 51.8 in March, marking the weakest reading since July but extending the current expansion streak to nine months.New order growth slowed to an eight-month low, while production growth eased further and moved close to stagnation. New export orders declined for a second straight month at the fastest pace since last July.Firms cut employment for the first time in eight months, while purchasing activity increased.On the price front, input cost inflation surged to its highest level since March 2022, while output prices rose at the fastest pace in 49 months, reflecting stronger cost pass-through by firms.Despite challenges and weak historical levels, business confidence stayed positive in April, with manufacturers expecting production to grow over the next year, the report said.

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International

Thailand Manufacturing Sector Growth Slows in April, S&P Global Says

Thailand's manufacturing sector continued to expand in April, although at a slower rate, as rising costs and weakened momentum on demand weighed on activity, according to data released Tuesday by S&P Global.The S&P Global Thailand Manufacturing Purchasing Managers' Index fell to 52.7 in April from 54.1 in March, marking its joint-lowest level since July last year, but remaining above the 50 threshold for a twelfth straight month.New orders and output both increased, though growth softened, with firms citing a squeeze on purchasing power that dampened demand and led to the slowest expansion in sales in eight months.Backlogs of work rose at a faster pace, while employment was broadly unchanged following slight declines in the previous two months.Purchasing activity continued to increase, but supplier delivery times lengthened to the greatest extent in over three years, reflecting supply chain disruptions linked to the Middle East conflict.Cost pressures intensified, with input prices rising at the fastest rate in more than three-and-a-half years, driven by higher oil, fuel and raw material costs.Business confidence picked up in April after falling to a more than four-and-a-half-year low in March, but remained weak due to concerns over rising prices and demand risks, S&P said.

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Asia

Market Chatter: Thailand's Cabinet to Consider Loan Plan for Living Costs, Clean Energy

Members of the Thai cabinet are set to meet Tuesday to discuss a proposed loan framework to support funding for the cost of living and clean energy, the Bangkok Post reported Monday.Government spokesperson Rachada Dhnadirek was cited in the article as saying that the co-payment scheme under the plan is expected to support the economy while easing living costs. The loan deal, which could be worth between 400 billion baht and 500 billion baht, is also earmarked for solar power and other renewable energy sources, as well as to support the shift away from fossil fuel imports, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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International

Asia Week Ahead: PMI Reports; Central Bank Decisions; and Inflation Prints

For the week ahead in Asia, the economic calendar is packed with S&P Global's monthly purchasing managers' index reports, inflation prints, and central bank decisions across the region.Monday brings a slate of S&P Global manufacturing PMI reports for April, alongside Indonesia's inflation and trade figures.On Tuesday, markets will turn to the Reserve Bank of Australia's interest rate decision, while Thailand and the Philippines release April inflation data.Wednesday features South Korea's April inflation print and New Zealand's first-quarter labor-market report, along with PMI readings from India, China, Hong Kong and Singapore.On Thursday, Malaysia's central bank decision will be in focus, alongside Taiwan's April inflation data and the Philippines' first-quarter GDP report.On Friday, Taiwan's April trade data and Malaysia's March industrial production figures will be due, before China closes out the week with April trade figures on Saturday.Here's what to watch in the week ahead.MONDAY, May 4The week kicked off with a slate of S&P Global purchasing managers' index reports covering manufacturing activity during April.Most economies in the region saw a rise in output despite the ongoing conflict in the Middle East which has pushed oil prices upwards.Malaysia's manufacturing sector expanded at its fastest pace in four years in April, supported by stronger output and a return to growth in new orders.The S&P Global Malaysia Manufacturing Purchasing Managers' Index rose to 51.6 in April from 50.7 in March, marking a second straight month of expansion.Output grew at the fastest pace since December 2021, while new orders increased as firms and clients built safety stocks amid uncertainty linked to the Middle East war.Output activity also expanded in South Korea, India, and Taiwan, according to S&P Global.Meanwhile, Vietnam's manufacturing sector also expanded, albeit at a slower pace.The S&P Global Vietnam Manufacturing PMI slipped to 50.5 in April from 51.2 in March, a seven-month low, signalling a tenth straight month of expansion but only marginal growth.In contrast, Indonesia's manufacturing sector slipped into contraction in April as cost pressures intensified due to material shortages and delays linked to the Middle East conflict.The S&P Global Indonesia Manufacturing Purchasing Managers' Index fell to 49.1 in April from 50.1 in March, dropping below the 50 mark for the first time in nine months.Manufacturing activity similarly slipped in the Philippines as new orders fell sharply and cost pressures intensified.Indonesia released inflation figures, noting a 2.4% year on year rise in prices during April -- slower than the 3.5% recorded a month prior.The island state also booked a trade surplus of $5.55 billion in the first quarter, supported by a strong non-oil and gas balance despite higher import growth, according to official data released by Statistics Indonesia.The Melbourne Institute released its monthly inflation gauge, noting another increase in April, mainly driven by higher recreation-related prices. The monthly cost of living also increased in April, especially for employees and self-funded retirees.TUESDAY, May 5An interest rate decision in Australia will capture headlines on Tuesday.The Reserve Bank of Australia is likely to rate hikes by 25 basis points to 4.35% as persistent inflation pressures and rising fuel costs linked to Middle East supply disruptions keeps the central bank on a hawkish path even as global peers hold steady.Thailand and the Philippines will release inflation data for April.Economists at ING said they expect the Philippines' headline inflation to rise above 5% as the government passes on the impact of higher global oil prices onto consumers. The Philippines' inflation climbed to 4.1% in March.Thailand is similarly expected to see a rise in consumer prices during April. According to a consensus compiled by Trading Economics, headline inflation could clock in at 1.7% on an annual basis, compared with a 0.08% decline in March.First-quarter gross domestic growth data will be due in Indonesia. DBS said it was forecasting 5.6% growth for the quarter thanks to government spending and festive spending during the period, the Wall Street Journal reported.Hong Kong will similarly release its first-quarter advance GDP growth estimate on Tuesday.Meanwhile, March retail sales figures will be expected in Singapore.On the activity front, S&P Global will release PMI reports manufacturing activity in Thailand and services and composite activity in Australia.WEDNESDAY, May 6Another inflation print, this time in South Korea.Economists at ING said they expect consumer prices to rise at a faster pace in April despite attempts by Seoul to rein in the impact of rising oil costs on consumers. A consensus compiled by Trading Economics indicated headline inflation could clock in at 2.6%.In March, South Korea's annual inflation rose to 2.2%, breaching the central bank's 2% target.First-quarter labor data from New Zealand will also be in the news.CommBank expects headline labor-market figures to remain weak, forecasting just 0.1% quarterly employment growth and a rise in unemployment to 5.5%, compared with Trading Economics consensus estimates of 0.3% employment growth and a 5.4% jobless rate for the first quarter."We do not envisage a labor market recovery until 2027, reflective of adverse impacts from geopolitical ructions," CommBank said in a preview.The Philippines will similarly release labor data for March, as well as industrial production figures.ING said it expects unemployment to edge higher. "On the industry side, weak soft construction activity should continue to weigh on growth," ING said.Additional S&P Global PMI reports covering services and composite activity in India and China, as well as overall activity in Hong Kong and Singapore, will be due.A business confidence report will be due in Thailand, while Hong Kong's March retail sales figures will also be on display.THURSDAY, May 7Malaysia's central bank will meet for its interest rate decision, with no change expected in the 2.75% policy rate.RHB Bank said it expects Bank Negara Malaysia to hold rates as growth remains steady and inflation remains in check, the Wall Street Journal reported.Taiwan's April inflation print will be due, with analysts looking for signs on how the Iran war was weighing in on prices. ING said it expects to see inflationary pressure picking up after limited pass through of energy prices in March.Australia will release March trade figures. The country's trade surplus could fall to A$4.45 billion from the A$5.69 billion recorded in the month prior, according to a consensus compiled by Trading Economics.CommBank said it expects the goods trade balance to decline due to rising fuel imports in the wake of the Iran conflict.The Philippines' first-quarter GDP growth figures will be expected. ING said the Philippines' economy could recover to a growth of 4.3% year on year thanks to favorable base effects and some pick-up in government spending.The Philippines' economy grew by 3% last quarter.Another confidence report covering consumer sentiment will be due in Thailand.FRIDAY, May 8Markets will be on the lookout for Taiwan's trade data for April.ING said it expects the island state's trade surplus to rise to $21.6 billion from $21.3 billion in the month prior. "We're looking for another strong month, with 59.3% YoY export growth and 35.5% import growth," ING said in a preview.In Malaysia, March industrial production figures will be due.S&P Global will release PMI reports covering services and composite activity in Japan.SATURDAY, May 9China will release its April trade data on Saturday.The world's second largest economy could record a surplus of $82.4 billion for the month, rising from $51.13 billion in March, according to a consensus compiled by Trading Economics.Analysts at DBS expect a sharp uptick in surplus, with export growth more than doubling to 8.4% from the 2.5% rise seen in March, the WSJ reported.

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Asia

Market Chatter: Southeast Asians Turn to New Crude Oil Suppliers Amid Middle East Crisis

Southeast Asian countries are changing where they buy crude oil, moving away from Gulf suppliers and turning to places like the US, Brunei and Libya, Nikkei Asian Review reported Monday, citing trade data and Kpler shipping figures.The shift comes as disruptions in Middle Eastern supply routes have hit flows through the Strait of Hormuz, pushing import-reliant economies such as Thailand and Vietnam to look for new sources. Thailand's imports from the UAE fell sharply in April, while shipments from Brunei and Libya increased, according to the report.Vietnam has also reworked its supply mix, with lower volumes from traditional suppliers offset by arrivals from countries including Angola, Argentina and the United States. Singapore has similarly cut reliance on Gulf crude, with most of its imports now sourced from the US, the news outlet said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

ADB Commits $70 Billion Investment in Asia Through 20235 to Boost Energy, Digital Infrastructure

The Asian Development Bank will inject $70 billion through 2035 to expand energy and digital infrastructure across the Asia-Pacific, with a focus on cross-border electricity trade and broader internet access.In the recent report on Monday, ADB President Masato Kanda said stronger regional connectivity will help lower costs and support growth. The bank plans to mobilize $50 billion under its Pan-Asia Power Grid Initiative to link national grids, scale up renewable energy use, and build transmission lines, substations and storage.A further $20 billion will go towards the Asia-Pacific Digital Highway, funding fibre networks, data centres and other digital systems. By 2035, the projects aim to connect 200 million people to power, widen broadband access, and generate jobs across the region, the report said.

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US Markets

ADB Pledges $70 Billion For Energy, Digital Networks Across APAC as Middle East Conflict Batters Outlook

The Asian Development Bank is committing $70 billion to support new energy and digital infrastructure initiatives across the Asia-Pacific region by 2035.ADB President Masato Kanda announced the pledge on Sunday during the lender's annual meeting in Uzbekistan."Energy and digital access will define the region's future," said Kanda. "These two initiatives build the systems Asia and the Pacific need to grow, compete, and connect. By linking power grids and digital networks across borders, we can lower costs, expand opportunity, and bring reliable power and digital access to hundreds of millions of people."The pledge comes as the ADB sharply downgraded its forecast for the APAC region, citing energy disruptions from the ongoing Middle East conflict.On Wednesday, the ADB slashed its GDP growth outlook for developing Asia and the Pacific to 4.7% in 2026 from the previous 5.1% forecast.Inflation for 2026 is projected to accelerate to 5.2% in 2026 from 3% in 2025, before easing to 4.1% in 2027."Our revised outlook is a significant downward revision for growth and a sharp increase in inflation following a special update to reflect the deepening crisis," Kanda said at the time.The bank's new outlook assumes that oil prices average around $96 a barrel in 2026, well above the $69 per barrel average in January and February before the Middle East conflict. The bank expects oil prices to ease to around $80 per barrel in 2027."We are confronting systemic, long-lasting disruptions to global energy and trade networks, not just temporary volatility. ADB will remain an agile partner in protecting the region's economy; tracking fast-moving risks, and moving with urgency to scale up our support," Kanda added.Diesel prices across several Southeast Asian countries have increased by more than 100% since late February, the ADB said in its updated outlook report.The ADB also noted in its Wednesday report that the energy shock is also affecting fertilizer prices, which it said could add to food inflation, particularly for economies most dependent on Middle East imports.Against that backdrop, the ADB is committing $70 billion to build new energy and digital infrastructure in Asia and the Pacific by 2035.The largest investment, worth $50 billion, will be allocated towards cross-border power infrastructure to unlock renewable energy at scale, the ADB said.The project will focus on transmission and grid integration, including cross-border lines, substations, storage, and grid digitalization, according to the lender.By 2035, the bank aims to integrate about 20 gigawatts of renewable energy across borders, connect 22,000 circuit-kilometers of transmission lines, and cut regional power sector emissions by 15%, while improving energy access for around 200 million people.The remaining $20 billion will fund the Asia-Pacific Digital Highway, targeting digital corridors, data infrastructure, and AI-ready economies.The project aims to bring first-time broadband access to 200 million people and cut connectivity costs in remote and landlocked areas by about 40%.The South Korean government will back a new Center for AI Innovation and Development in Seoul with a $20 million contribution. The center will aim to train about 3 million people in digital and AI-related skills by 2035.Separately on Sunday, the ADB also unveiled a Critical Minerals-to-Manufacturing Financing Partnership Facility designed to help the region move beyond mining into higher-value industries such as processing, manufacturing, and recycling.Japan committed $20 million to the grant window, the UK contributed $1.6 million, and the Korea Eximbank and the Korean Trade Insurance Corporation each signed $500 million memorandums as the facility's first partners.

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International

Thailand's GDP Grows in Q1 Supported by Exports, Manufacturing

Thailand's economy in the first quarter expanded from the previous quarter, supported by exports, manufacturing and domestic demand, the central bank said Thursday.Private consumption slipped 0.8%, while private investment dropped 3.5%, reflecting softer domestic momentum. Government spending, however, rose 4.8%, helping cushion overall growth.Trade activity remained active, with exports increasing 3.3%, though imports surged 11.5% as firms accelerated sourcing of inputs and energy-related goods, Bank of Thailand said.On prices, headline inflation eased to 0.08%, while core inflation rose 0.57% from a year earlier. The current account remained in surplus at about $600 million, the central bank said.

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International

ADB Cuts Economic Growth Projections for Developing Asia Amid Middle East Crisis

The Asian Development Bank sharply downgraded its economic growth forecasts for developing Asia and the Pacific while raising inflation projections, citing prolonged disruptions from the Middle East conflict that are driving up energy prices and tightening financial conditions.The bank now expects regional growth of 4.7% in 2026 and 4.8% in 2027, down from its earlier forecast of 5.1% for both years. Meanwhile, inflation is projected to accelerate to 5.2% this year before slowing to 4.1% in 2027, according to the latest ADB report.ADB said the revisions reflect sustained pressure on oil and gas prices, with crude expected to average about $96 per barrel in 2026, significantly higher than pre-conflict levels, weighing on fuel-importing economies.Under a more severe scenario, growth could ease further to 4.2% this year and 4% next year, while inflation may spike to 7.4% in 2026, the bank added, urging targeted fiscal support and measured monetary responses.

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International

Thailand Keeps Policy Rate Steady at 1%, as Expected

The Bank of Thailand's Monetary Policy Committee unanimously voted to keep the policy rate unchanged at 1%, as expected by analysts, according to a Wednesday press release.The committee said Thailand's economy is expected to slow as the Middle East conflict drives up costs, weakens household purchasing power and adds uncertainty to the outlook.While earlier data showed stronger-than-expected growth supported by domestic demand and exports, GDP is now projected to ease to 1.5% in 2026 and 2.0% in 2027 due to war-related impacts.Private consumption is expected to come under pressure from higher living costs and weaker incomes, while tourism arrivals may also decline. Export growth, however, is expected to remain supported by global demand for tech products. Inflation is projected to average 2.9% in 2026 before easing to 1.5% in 2027 as supply pressures fade, the central bank said.

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