At the IMF–World Bank meeting in Bangkok, Deputy PM and Finance Minister Ekniti Nitithanprapas named four pressures on Thailand: high energy prices, supply-chain fragmentation, rising global rates and bond yields, and AI reshaping winners and losers. He said Thai 10-year government bond yield is about 2.3%, below US and European levels, but that SMEs are among the most exposed and need help adapting. No new SME measure was announced. Practical implication: stress-test fuel and input costs, and look at ASEAN customers as a hedge against export shocks. Intra-ASEAN trade is about 22%, versus about 60% in the EU.