JPM downgrades Thailand on fading tourism recovery and worsening macro conditions

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". (File pic: Tourists shopping in Thailand)

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".