Thailand’s slow economic recovery reflects the sustained damage wrought by the pandemic on international travel and tourism, in large part because of the slow reopening of borders in major markets, says Moody’s Investors Service.
Lower economic growth and a concomitant rise in debt drove negative rating actions for Fiji (Ba3 negative) in June, Thailand (Baa1 stable) in April and Maldives (B3 negative) in May of 2020, said Moody’s.
Shocks to the global tourism sector precipitated by the pandemic were attributed, to a certain extent, to a decline in GDP growth and higher public debt, said the international credit rating agency.
In April 2020, Moody’s…
