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The economy is exiting the pandemic-induced recession heading back to its pre-crisis growth path

U.S. jobs data backs Fed pause; China still under pressure from excess supply; Thai 4Q25 GDP +2.5%, 2026 forecast sees upward bias

For 2027–2028, feedstock cost pressures are expected to ease somewhat as naphtha prices decline. Meanwhile, a gradual recovery in the global economy and demand from downstream industries should support improvements in the prices and spreads of several petrochemical products. However, spread recovery will remain constrained

On 6 April 2020, the Central Bank of Myanmar announced a new round of banking sector liberalization by awarding preliminary licenses

Geopolitical tensions increase global economic risks. Thailand’s tourism sets for gradual recovery, while inflation remains subdued.

Green Deposits for Greater Sustainability

Growth in the value of the domestic market for pharmaceuticals is forecast to slip to just 2.5% in 2021. This is largely due to Thailand’s 3rd wave of Covid-19, which has caused a drop off in hospital visits for those seeking treatment for less serious conditions. However, over 2022 and 2023, annual growth in the market should accelerate to 3.5% on: (i) a rising concern among Thais over personal health and wellness, itself partly a side-effect of the Covid-19 pandemic; (ii) the aging of Thai society, which is driving an increase in the number of individuals needing treatment for chronic non-communicable diseases; (iii) the broad coverage provided by the Universal Health Coverage scheme; and (iv) the return of foreign patients to Thai hospitals.

Following weak operations in 2020, hoteliers will continue to see depressed conditions through 2021. The first shoots of recovery will start to break through from the end of this year and throughout 2022 and 2023, but it could take at least 4 years for foreign tourist arrivals to return to pre-COVID level. Against this backdrop, domestic tourism will recover faster, partly thanks to ongoing policy efforts by the government to stimulate demand. By the latter half of 2021, the worldwide rollout of vaccination programs will start to translate into an uptick in foreign tourist arrivals, helped by a recovering global economy and long-term growth potential in the Thai tourism industry. However, in the post-pandemic environment, players in the tourism and hotel industries will need to move rapidly to overhaul their operations onto a more sustainable footing by accelerating the adoption of modern technology, placing greater emphasis on public health and hygiene, and developing their understanding of varied and diverse consumer needs and using this knowledge to offer customized travel experiences.

The hotel business will enjoy a steadily improving outlook over the next three years. However, recovery will remain only sluggish through 2022 given the limited number of tourist arrivals, and in particular the continuing depressed state of the Chinese market, where the government is still strictly implementing Zero-COVID policy. In addition, the global economy is facing significant headwinds as a result of the outbreak of Russia-Ukraine war, and this too is weighing on the industry. Nevertheless, the number of foreign arrivals should build at an accelerating rate through 2023 and 2024, and by 2025, the industry is expected to return to its pre-COVID level of 38-40 million arrivals annually.

Thai rice production in 2026 is projected to remain stable, supported by the La Niña phenomenon transitioning toward neutral conditions,