I just had a quick look through all the markets in ASEAN.

Thailand is the only market that is below the end of 2019 levels.

I’ll say it now, it’s going to beat Vietnam & Singapore in USD terms from end of April onwards.

I’m not saying that Thailand is in sound economic shape.

But…Gov spending that has disappeared for effectively 12 months is back. Tourism way better than all the “experts” forecasted. The demise of the average Thai in debt and can’t pay back their loans is priced in.

Let’s see.