China's costly fight against COVID-19 has squeezed global GDP growth. But Beijing’s abrupt policy reversal in Dec 2022 is a gamechanger. The unchaining of the dragon promises to boost global trade and super-charge the Thai tourism industry recovery this year.
Re-enter the Dragon—weight/size/height?
China is very important to the Thai economy because it is: 1) our second-biggest direct export market, buying 12% of exports in 11M22 (against 11.7% in 11M19), and 2) in 2019 was our biggest tourism market by a big margin. Global economic growth has been slow recently, but China’s reopening will boost world (and Thai) trade and (and Thai) GDP. Going forward, tourism will be a major driver of the Thai economy.