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Thailand’s decline stems from a mix of political and legal instability, weaker-than-expected tourism spending, and allegations of corporate misconduct. These factors have driven a 14 per cent selloff in the benchmark Stock Exchange of Thailand Index over the last 12 months, marking the most significant decline among major global benchmarks.
This shift in market standings was unexpected. Investors had anticipated that the easing of pandemic restrictions in late 2022 would boost Thailand’s economy through a resurgence in tourism. However, China’s stringent Covid-19 policies and a weak macroeconomic environment led to fewer tourists and reduced spending, undermining these expectations.