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Thailand Projects Lower Growth, Fewer Tourists Due to Middle East War

A clothes vendor prepares her displays as she opens up for business at Mahanak Market in Bangkok early on April 20, 2026. (AFP)
A clothes vendor prepares her displays as she opens up for business at Mahanak Market in Bangkok early on April 20, 2026. (AFP)
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Thailand Projects Lower Growth, Fewer Tourists Due to Middle East War

A clothes vendor prepares her displays as she opens up for business at Mahanak Market in Bangkok early on April 20, 2026. (AFP)
A clothes vendor prepares her displays as she opens up for business at Mahanak Market in Bangkok early on April 20, 2026. (AFP)

Thailand's economic growth and tourist arrivals are forecast to drop this year as the Middle East war roils global energy prices, the finance ministry said Tuesday.

The country's GDP growth is projected to dip to 1.6 percent, the ministry said in a statement, down from 2.4 percent in 2025.

Growth in the Southeast Asian nation is anemic, with the tourism sector vital but arrivals yet to return to their pre-Covid highs.

The government said in February that this year's growth forecast was between 1.5 to 2.5 percent.

Thailand expects about 33.5 million foreign tourists this year, about two million fewer than previously estimated, the ministry said on Tuesday.

Tourists from Europe and the Middle East have declined as a result of the US-Israeli war against Iran, which began two months ago and has driven up fuel prices, the ministry added.

Visitors from the Middle East fell by a third in March compared to the same month last year, and European arrivals dropped around four percent, while tourists from other Asian nations rose six percent, according to Thai tourism ministry figures.

Thailand received nearly 33 million foreign visitors in total last year.

The country's core inflation was forecast to hit three percent this year, up from an earlier estimate of 0.3 percent.

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Business

Saudi Industry Minister Discusses Boosting Industrial Cooperation with Oman

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and President of Oman's Public Authority for Special Economic Zones and Free Zones Qais Al-Yousef meet in Riyadh on Monday. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and President of Oman's Public Authority for Special Economic Zones and Free Zones Qais Al-Yousef meet in Riyadh on Monday. (SPA)
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Saudi Industry Minister Discusses Boosting Industrial Cooperation with Oman

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and President of Oman's Public Authority for Special Economic Zones and Free Zones Qais Al-Yousef meet in Riyadh on Monday. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and President of Oman's Public Authority for Special Economic Zones and Free Zones Qais Al-Yousef meet in Riyadh on Monday. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef met in Riyadh on Monday with President of Oman's Public Authority for Special Economic Zones and Free Zones Qais Al-Yousef for talks on boosting industrial cooperation and developing joint investments between their countries.

They tackled means to strengthen cooperation in the fields of industrial cities and special economic zones, in addition to developing strategic partnerships that enhance industrial integration between the two countries in a manner that supports regional supply chains and boosts the competitiveness of the Saudi and Omani economies.

They stressed the importance of expanding industrial and investment partnerships, exchanging expertise and experiences in developing industrial infrastructure, and enabling high-quality investments in priority industrial sectors. This aligns with the objectives of the two countries’ national visions, contributing to sustainable economic development and achieving shared interests.

The meeting comes within the framework of strengthening economic relations between Saudi Arabia and Oman and advancing cooperation in the industrial sector to achieve the goals of economic development and industrial integration between them.

Business

Gold Hits Three-Week Low with US-Iran Talks, Central Bank Decisions in Focus

A jeweller holds gold bars in Cairo, Egypt, March 9, 2026. (Reuters)
A jeweller holds gold bars in Cairo, Egypt, March 9, 2026. (Reuters)
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Gold Hits Three-Week Low with US-Iran Talks, Central Bank Decisions in Focus

A jeweller holds gold bars in Cairo, Egypt, March 9, 2026. (Reuters)
A jeweller holds gold bars in Cairo, Egypt, March 9, 2026. (Reuters)

Gold fell to a three-week low on Tuesday, as elevated oil prices kept inflation concerns high, while investors awaited key central bank decisions this week to see if the Middle East conflict has altered the interest rate outlook.

Spot gold was down 1.1% at $4,628.63 per ounce, ‌as of 0746 GMT, ‌its lowest level since April 7. ‌US ⁠gold futures for June ⁠delivery fell 1.1% to $4,642.90.

US President Donald Trump is unhappy with the latest Iranian proposal on resolving the two-month war, a US official said, dampening hopes for a resolution to the conflict that has disrupted energy supplies, fueled inflation, and killed thousands.

"Geopolitical headlines are still the main driver (of gold prices). In the ⁠event of a deal (between the US and Iran) ‌or an interim deal, the ‌dollar should weaken, and gold will likely break out to the upside," ‌said Edward Meir, analyst at Marex.

The dollar gained, ‌and oil prices rose above $111 a barrel, as the crucial Strait of Hormuz waterway remained largely shut.

Higher crude oil prices can stoke inflation by raising transportation and production costs, increasing the likelihood of higher ‌interest rates.

While gold is considered an inflation hedge, high interest rates make yield-bearing assets ⁠more attractive, weighing ⁠on its appeal.

The Bank of Japan kept interest rates steady on Tuesday but three of its nine-member board proposed hiking borrowing costs, signaling policymakers' concerns over inflationary pressures from the Middle East conflict.

The US Federal Reserve is also widely expected to hold interest rates steady at the end of its two-day meeting on Wednesday.

Investors will be focusing on other central bank decisions this week, including those from the European Central Bank, the Bank of England and the Bank of Canada.

Spot silver fell 2.9% to $73.28 per ounce, platinum lost 1.6% to $1,951.33, and palladium was down 1.6% at $1,453.38.

Business

BP Reports Huge Profit Rise in First Quarter

The BP (British Petroleum) logo is seen at a gas station in Washington, Oct. 25, 2007. (AP)
The BP (British Petroleum) logo is seen at a gas station in Washington, Oct. 25, 2007. (AP)
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BP Reports Huge Profit Rise in First Quarter

The BP (British Petroleum) logo is seen at a gas station in Washington, Oct. 25, 2007. (AP)
The BP (British Petroleum) logo is seen at a gas station in Washington, Oct. 25, 2007. (AP)

British energy giant BP on Tuesday reported a sharp increase in profits in the first quarter as crude oil prices soared amid the Middle East war.

Oil prices have risen since the start of the US-Iran conflict on February 28, often swinging violently in response to the war's ever changing headlines.

BP's profit after tax jumped to $3.8 billion for the January-March period from $687 million in the same period a year earlier, London-listed BP said in an earnings statement.

The closely followed underlying profit figure more than doubled to $3.2 billion from $1.4 billion the previous year, a figure that "reflects exceptional oil trading contribution", the statement said.

"Overall, our business continues to run well. This was another quarter of strong operational and financial delivery, and we made further progress towards our 2027 targets," said CEO Meg O'Neill, who was appointed at the end of last year to replace Murray Auchincloss.

The group had announced in mid-April that it expected to benefit from rising oil prices, noting that the price of Brent North Sea crude, the international benchmark, averaged $81.13 a barrel in the first quarter, up from $63.73 in the fourth quarter of last year.

Oil prices have been volatile due to the war, coming close to $120 a barrel in March, which BP traders were able to profit from.

The company said in mid-April that each one dollar variation in the price of a barrel has a $340 million on its annual operating profit before tax.

BP "has been working relentlessly to keep our assets producing safely, reliably and efficiently," while working "in an environment of conflict and complexity," O'Neill said.

The American CEO took up her post in early April with a mission of implementing a recovery plan for the struggling group, whose profit after tax in 2025 plunged 86 percent year-on-year to $55 million.

BP's performance has generally fallen behind that of its rivals in recent years, and last year the company mounted a boardroom shakeup after slashing clean energy investment and pivoting back to its more profitable oil and gas business.

O'Neill plans to reorganize the company, clearly separating its upstream and downstream activities.

Her aim is to make BP "a simpler, stronger, more valuable company," she said Tuesday.

"Now, we have to capitalize on the opportunity that exists across our portfolio, simplifying how we work, unlocking growth and driving improved returns," she added.