The Bank of Russia unexpectedly maintained its key interest rate at a record-high 21% , defying analysts’ expectations of another significant hike as inflation remains stubbornly elevated. The decision marks a shift toward a more measured approach in balancing economic growth and price stability. Key Details Inflation Concerns: Annual inflation climbed to 8.9% in November, well above the central bank’s 4% target , with inflation expectations reaching 13.9% in December. Policy Rationale: The central bank cited the significant tightening of monetary conditions after October’s 200-basis point hike as sufficient to resume disinflationary processes. Governor Elvira Nabiullina emphasized avoiding both economic overheating and severe slowdowns. Economic Overheating: Elevated government spending on the war in Ukraine and social programs, coupled with labor shortages and rising wages, have fueled strong domestic demand, exacerbating price pressures...
Thailand’s exports grew for the third consecutive month in September, but the increase was smaller than expected, according to data released on Monday. The country's commerce ministry projects that exports will continue to rise in the final quarter of 2024 (4Q2024).
The ministry aims for 2% export growth this year, with the total export value expected to hit a record US$290 billion (RM1.26 trillion), according to Poonpong Naiyanapakorn, head of the ministry’s trade policy and strategy office.
In September, exports rose 1.1% year-on-year, falling short of the 2.85% increase forecasted in a Reuters poll. Imports, on the other hand, surged by 9.9% from a year earlier, higher than the expected 6.0% rise.
This led to a trade surplus of US$0.39 billion in September, significantly lower than the forecasted US$1.54 billion surplus.
For the first nine months of 2024, exports increased by 3.9% compared to the same period in 2023, while imports grew by 5.5%, resulting in a trade deficit of around US$6 billion.
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