Inflation in Thailand fell back sharply last month and is now below the central bank’s target, further supporting our view that the BoT’s tightening cycle is now over. Tourism across Asia has continued to bounce back strongly in recent months. And while we expect visitor numbers to rise further throughout the year, with arrivals in many places already back to 70-80% of pre-crisis levels, the main boost to growth from a return of international travel has now passed.
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