Norwegian newspaper, DN, reports Asian stock exchange markets showed high economic activity and growth in the beginning of 2022 with the Nikkei index at the Tokoy stock exchange market back at over 28.000, only 4% lower than in early 2022.
The numbers were published in the Bank of Japan report, the Tankan report, in which 10.000 company leaders answers questions four times a year.
The re-opening of the Asian economies upon the COVID pandemic has provided large parts of Japan, South Korea, India and Southeast Asian countries with a significant economic uprise.
According to DN, the tourist sector is especially responsible for the economic development. As of now, the high season has kicked in and popular travel destinations are fully booked over Christmas and New Year.
Senior Asian Economist at Capital Economics, Gareth Leather, noted in a report Thailand will be one of the countries experiencing higher growth for 2023 than 2022.
In 2021, only 400.000 international tourists visited Thailand. Prior to the pandemic this number almost reached 40 million. Tourism in Thailand stands for around 12% of GDP.
Although it is no reason to be worried, the Asian Development Bank (ADB) predicts the Chinese lockdown, Russia’s invasion of Ukraine and low global growth to potentially cause a loss of momentum in the Asian- and Pacific region throughout the forthcoming year.
– Even with a weaker prospect, Asia’s economies will grow more than other regions and be less affected by inflation, ADB notes in the update “Global Gloom Dims in Asian Prospects”
