Thailand’s economy expanded 2.8% in the April-to-June quarter from a year earlier, outpacing the 2.5% median forecast in a Reuters survey, the National Economic and Social Development Council said. The second-quarter performance was buoyed by exporters rushing shipments to the United States ahead of a 19% tariff that took effect on 7 August, partially offsetting weaker tourist arrivals. With the front-loading expected to unwind, the planning agency trimmed its full-year 2025 growth projection to a range of 1.8%–2.3% and warned that momentum will cool in the second half. Exports, which jumped 15% in the first six months, are now seen rising 5.5% for the full year. The council also cut its forecast for foreign visitors by 10% to 33 million. Policymakers have begun shoring up support. Parliament last week passed a 3.78 trillion-baht ($116.6 billion) budget for the 2026 fiscal year, while the Bank of Thailand lowered its benchmark rate to 1.50%, a near three-year low, and signalled room for further easing. Analysts say the tariff shock will ripple across Southeast Asia. Nikkei Asia notes that other export-oriented ASEAN members, which saw robust second-quarter expansion from similar shipment front-loading, now face a slowdown. IMF projections put Philippine growth at 5.5%, Vietnam 5.2% and Indonesia 4.7% in 2025, while Thailand is expected to trail the pack at 1.8%.

China’s five autonomous regions—Inner Mongolia, Guangxi Zhuang, Xizang, Xinjiang Uygur and Ningxia Hui—expanded their combined gross domestic product to nearly 8.38 trillion yuan (about US$1.17 trillion) in 2024, up from 6.01 trillion yuan in 2020, a senior official told a State Council Information Office briefing on Monday. The figures, delivered by Duan Yijun, deputy head of the National Ethnic Affairs Commission, translate into an average annual growth rate of 5.6 percent over the four-year period. Xizang and Xinjiang led the pack with average yearly gains of 6.1 percent and 6.0 percent, respectively, underscoring Beijing’s push to narrow regional development gaps and bolster economic activity in border areas. Local data illustrate the trend. Nyingchi, a tourism hub in Xizang, reported 2024 GDP of 26.7 billion yuan, with visitor numbers topping 15.3 million and tourism revenue reaching 13.82 billion yuan. Officials said infrastructure upgrades and the growth of clean-energy and specialty-agriculture industries have helped lift per-capita incomes and diversify the city’s economy.

Britain’s economy expanded 0.3% in the second quarter of 2025, slowing from the 0.7% pace seen at the start of the year but topping economists’ forecasts for a far weaker reading, according to preliminary data from the Office for National Statistics. The modest growth was led by a 0.4% increase in services and a 1.2% rise in construction, which together offset a 0.3% contraction in manufacturing and other production industries. Monthly data showed output rising 0.4% in June, suggesting momentum heading into the third quarter despite the drag from softer hiring and continuing uncertainty over U.S. trade policy. Finance Minister Rachel Reeves said the figures offered “positive” evidence that the recovery is broadening, while analysts noted that the stronger-than-expected headline lifted sterling and tempered market bets on near-term Bank of England rate cuts. Policymakers will now weigh the surprise resilience in activity against still-elevated inflation as they set policy for the rest of the year.

The International Monetary Fund (IMF) projects varied GDP growth rates for 2025 across Asia-Pacific countries, with the Philippines leading at 5.5%, followed by Vietnam at 5.2%, Indonesia at 4.7%, and Malaysia at 4.1%. China and Cambodia are both expected to grow by 4%, while Brunei and Singapore are forecasted at 2.5% and 2%, respectively. Myanmar and Thailand have lower projections of 1.9% and 1.8%, with Australia, South Korea, and Japan trailing at 1.6%, 1%, and 0.6%. The IMF data also highlights shifts in the global GDP share (PPP) from 1990 and 2000 to 2025. Notably, the combined share of France, Germany, Italy, Japan, and the UK decreased from 37% in 1990 to 16% in 2025, while the United States maintained a 26% share. Japan's share declined from 8.8% to 3.2%, whereas India's share increased from 3.4% to 8.5%. The United Kingdom's share fell from 4% in 1988 to 2.1% in 2025, while Indonesia's rose from 1.7% in 2000 to 2.5%. In China, the combined GDP of five autonomous regions grew from 6.01 trillion yuan (approximately $843 billion) in 2020 to nearly 8.38 trillion yuan in 2024, with average annual growth rates of 5.6%. Xizang and Xinjiang recorded higher average annual growth rates of 6.1% and 6.0%, respectively. Thailand's economy expanded by 2.8% year-on-year in the second quarter of 2025, driven by export gains ahead of higher U.S. tariffs, which helped offset a slowdown in tourism. However, the job market in Thailand showed stagnation, with unemployment rising slightly to 0.91% in Q2 from 0.89% in Q1, and employment growth slowing to 0.02%. Analysts note that the ASEAN region's Q2 GDP growth was largely due to front-loading exports before the U.S. tariffs took effect, and the region is expected to face a slowdown in the second half of 2025.

The U.S. Department of Commerce has begun publishing official economic statistics, starting with second-quarter gross domestic product, directly to public blockchains. The initiative, announced on 28 August, marks the first time a federal agency has moved core economic data on-chain. Twenty-three GDP data points are being distributed via decentralized oracle providers Pyth Network and Chainlink. Hashes of the underlying reports are recorded across nine major blockchains—including Bitcoin, Ethereum and Solana—to create a tamper-proof, universally accessible record. Commerce Secretary Howard Lutnick said the project "sets a new standard for transparency" and signaled plans to add further indicators such as personal consumption expenditures. The effort aligns with President Donald Trump’s push to position the United States as a leader in digital-asset infrastructure. The market responded quickly: the PYTH token jumped as much as 70% after the announcement, while Chainlink’s LINK also gained. Analysts said federal adoption of oracle networks could accelerate corporate use of on-chain data and solidify the U.S. lead in blockchain-based reporting.

Norway’s economy expanded faster than expected in the second quarter, supported by continued growth in the mainland sector. Statistics released on 21 August show mainland GDP— which strips out offshore oil and gas—rose 0.8% quarter-on-quarter, exceeding the consensus forecast of 0.3%. The pace was slightly slower than the first quarter’s 1.0% gain but marked a second consecutive period of above-trend growth. The previous quarter’s figure was revised up to 0.1% from an earlier flat reading. Including petroleum activities and ocean transport, overall GDP increased 0.6% after a 0.1% contraction in the first three months of the year. The stronger-than-anticipated data suggest domestic demand remains resilient despite higher borrowing costs and softer external demand, reinforcing expectations that the central bank will maintain a restrictive policy stance.

North America’s two largest economies moved in opposite directions last quarter, with the United States posting stronger-than-expected growth while Canada suffered its deepest contraction since the pandemic. The divergence underscores the impact of Washington’s tariff policy on its northern neighbour and adds pressure on Ottawa and the Bank of Canada to shore up activity. Revised government figures showed U.S. gross domestic product expanding at a 3.3% annualised rate in the April-to-June period, topping the 3.1% consensus forecast and exceeding the initial 3.0% estimate. The second-quarter pickup points to resilient consumer and business spending despite higher borrowing costs. Statistics Canada reported that Canadian real GDP fell 1.6% annualised in the same quarter, far weaker than the 0.7% decline economists projected and the first quarterly drop in nearly two years. Output slipped 0.1% in June, capping three straight monthly declines, and year-over-year growth slowed to 0.9%. The agency blamed a 7.5% slide in exports after new U.S. levies on steel, aluminum and autos. Shipments of passenger cars and light trucks plunged 24.7%, and business investment in machinery and equipment fell 9.4%. Analysts say the sharp slowdown increases the likelihood that the Bank of Canada, which has held its policy rate at 2.75% for three meetings, could deliver a cut at its September decision.

Japan’s economy expanded by a seasonally adjusted 0.3% in the April-to-June quarter, or an annualised 1%, outpacing economists’ forecasts of 0.1% and marking a fifth consecutive period of growth. Resilient exports, which rose about 2% despite the newly imposed 15% U.S. tariff on Japanese goods, contributed 0.3 percentage points to the quarterly gain and offset soft domestic demand. Finance Minister Katsunobu Kato said the government will accelerate the rollout of tariff-related support measures for companies hit by higher U.S. duties. Kato added that monetary policy remains the purview of the Bank of Japan, expressing confidence the central bank will steer inflation sustainably toward its 2% goal while authorities monitor price trends and industry calls for rate increases. Economy Minister Kenji Akazawa described the latest data as evidence of a modest recovery but cautioned that U.S. trade actions could slice 0.3–0.4% off future output. The Nikkei estimates the tariffs could erase about ¥3.5 trillion ($23 billion) in corporate profits, particularly in the auto and machinery sectors. The stronger-than-expected GDP print offers embattled Prime Minister Shigeru Ishiba a brief respite as he contends with calls to resign following July’s electoral setback.

Singapore’s economy expanded 4.4% year-on-year in the April-to-June quarter, a final reading that edged above the previous 4.3% estimate and marked a rebound from 2.7% growth in the first quarter. On a seasonally adjusted basis, output rose 1.4% from the prior quarter, reversing a 0.5% contraction. Citing the stronger-than-expected first-half performance, the Ministry of Trade and Industry lifted its 2025 growth projection to a range of 1.5% to 2.5%, up from 0% to 2%. Officials said activity was bolstered by firms front-loading orders ahead of U.S. tariffs and by signs of easing global trade tensions, although they cautioned that risks remain tilted to the downside in the second half. The ministry left its forecast for non-oil domestic exports unchanged at 1% to 3% growth. The Singapore dollar was little moved after the data release, reflecting investor expectations that monetary policy is likely to stay on hold for now.

The Federal Reserve Bank of Atlanta said its GDPNow model now projects US real gross domestic product to expand at a 3.5% seasonally adjusted annual rate in the third quarter of 2025, up sharply from the 2.2% pace estimated on Aug. 26. The update, released on Aug. 29, signals a stronger near-term outlook for economic growth than suggested just three days earlier. The model’s upward revision follows recent government data showing firmer consumer spending and business investment, as well as an expected swing in net exports from a drag to a modest boost. GDPNow is a purely data-driven nowcast rather than an official forecast by the Atlanta Fed or the Federal Open Market Committee, but it is closely watched by investors as an early gauge of momentum ahead of the Bureau of Economic Analysis’ first official GDP estimate due in late October.

The United States Department of Defense is intensifying pressure on key allies Japan and Australia to substantially increase their defense spending amid growing security concerns related to China. The Pentagon is urging Japan to raise its defense budget to over 3.5% of GDP, surpassing Japan's current plan to reach 2% by 2027. This push aligns with a new NATO benchmark and reflects concerns over China's military activities, particularly regarding Taiwan and the Nansei Islands. Japan, a critical U.S. ally in the Indo-Pacific region, views China as its greatest strategic challenge and is accelerating efforts to enhance its defense capabilities. Meanwhile, U.S. defense officials have also called on Australia to match European NATO defense spending levels of 5% of GDP ahead of a critical 2027 deadline, emphasizing the threat posed by China. In Canada, Defense Minister Mark Carney has pledged to increase military spending to 2% of GDP, but a notable portion—approximately $4.2 billion—is allocated toward decarbonizing the military, a move that has sparked debate about budget priorities. The Canadian Forces recently received a $2 billion pay hike, covering about one-fifth of the promised military preparedness spending. These developments occur against the backdrop of evolving geopolitical tensions in the Indo-Pacific and ongoing discussions about defense budget allocations among U.S. allies.

India’s economy expanded 7.8% year-on-year in the April–June quarter, according to provisional data released by the Ministry of Statistics and Programme Implementation. The reading, the fastest in five quarters, easily surpassed the 6.6–6.7% consensus from private-sector economists and accelerated from 7.4% in the previous three months. Officials said public investment and a rebound in services lifted output, while a soft deflator flattered the real growth figure. The National Statistics Office estimated that government final consumption rebounded and manufacturing held steady, helping lift activity 1.3 percentage points above the pace recorded a year earlier. Economists cautioned that external risks remain, pointing to higher US trade barriers that could weigh on Indian exports later in the fiscal year. Even so, Chief Economic Adviser V. Anantha Nageswaran kept his full-year growth projection at 6.3%–6.8% and said momentum should carry into the July–September period despite tariff uncertainty.