Thailand’s banks remain more vulnerable to Covid-19 than Asian peers because of the country’s reliance on tourism, its widening economic imbalances, and high household and corporate leverage, according to S&P Global.
The Thai baht has gone from being one of Asia’s strongest currencies before the pandemic to one of its worst performers this year because of the impact of Covid-19 on Thailand’s crucial tourism sector, which made up about 12% of gross domestic product before the crisis.
