An electronic board displays stock prices at a brokerage on Feb 17, 2020. (File photo by Pornprom Satrabhaya)
Analysts at J.P. Morgan downgraded Thailand’s equities rating on Monday, citing the slow pace of recovery in the tourism industry due to rising inflation and a surge in Covid-19 cases in China.
JPM said the tourism industry in Southeast Asia’s second-largest economy faces several headwinds, including soaring inflation globally along with weakening consumer sentiment and foreign exchange fluctuations, as brokerage cuts its rating to “neutral” from “overweight”.
The country, one of the world’s popular tourism destinations before the pandemic, was among the first nations in Asia to reopen its borders to vaccinated visitors…
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