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".
Thailand, 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 last year with limited quarantine norms, hailed at the time as a model for re-opening.
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