The IMF, speaking in Bangkok, expects global growth of about 3.1% in 2026, with Middle East tensions pushing energy prices up. Bond yields in developed economies are at multi-decade highs, and those yields set the reference for global lending rates. The IMF says rates will likely stay high for a while, and Thailand's borrowing costs rise with the global benchmark even though its own spread has not widened. For an SME, plan for loan and credit-line costs staying elevated, and treat energy and food cost increases as ongoing rather than temporary.