Thailand's soft power would be a key component in lifting the country out of its middle-income trap, as this creative culture expects to increase revenue to each household by at least 200,000 baht per year, Prime Minister Srettha Thavisin said on Friday.

Filipino consumers are now spending less on essential goods and services, and consuming more nonessential items—a shift that’s not surprising at all as the Philippines moves closer to “upper-middle income” economy status, HSBC Global Research said.