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Ms Lee says market turbulence this year drove significant demand for derivatives, structured rates and other investment and risk management solutions.
Thailand’s economic doldrums will surely be at the top of the policy agenda for the new government, given lagging growth, weak consumer confidence and rising fears that the strong baht will hurt the country’s key export and tourism sectors.
However, Sue Lee, managing director and head of markets for Asia South at Citi, argues such pessimism might be short-sighted.
“The investment thesis for Thailand remains very solid in terms of attractiveness for manufacturing, given the existing infrastructure and the country’s strategic geopolitical location,” she told the Bangkok Post.
And while uncertainties over US trade policies have certainly rattled business sentiment for much of the year, the announcement on Aug 1 by the White House that US tariff rates for Thai goods would be cut to 19%, in line with Indonesia, the Philippines and Malaysia, has levelled the playing field, Ms Lee said.
“In terms of tariff rates for Southeast Asian countries — they are mostly aligned. There’s no disadvantage in Thailand,” she said.
To the contrary, for foreign investors seeking tactical opportunities in emerging markets, Thailand’s dovish bias and strong baht are themes that “cannot be ignored”, said Ms Lee.
Citi forecasts Thai GDP growth of 2.2% this year and 1.6% in 2026. The National Economic and Social Development Council last month raised its forecast for 2025 growth to 2%, up from 1.8% earlier.
Earlier this month PTT Global Chemical successfully raised $1.1 billion in a dollar-denominated subordinated perpetual securities issue, the largest ever in the region. The issue was oversubscribed over eight times, with Citi a joint bookrunner and lead manager along with five other leading global banks.
Ms Lee said there has been a strong uptick in client activity and investor interest across the region over the past several months.
“If you think about the years after the pandemic, it was really just waiting for the US to cut rates further so that Asia could follow. Emerging market Asia interest was very low,” she said.
“This year, contrary to what we saw at the beginning of the year when US exceptionalism was the only topic in town, there has been a reversal of that narrative and a lot more interest in emerging market Asia.”
Ms Lee said while 2025 has been “volatile and uncertain”, market turbulence has driven significant demand for derivatives, structured rates and other investment and risk management solutions.
For Citi, she said the theme going into 2026 looks to be more of the same as companies are likely to remain cautious about geopolitical uncertainties while continuing to diversify supply chains and manage market risk.
Ms Lee said 2026 will likely see greater clarity and evolution in the integration of artificial intelligence (AI) and cryptocurrencies in financial services.
Earlier this month Citi announced it would begin piloting new agentic capabilities within its AI platform Citi Stylus Workspaces to automate complex workflows more efficiently.
While AI plays a critical role in financial services, particularly in execution, she said a relationship manager will always have a role in advising clients.
“Take advice on investment portfolio allocation. We’ve actually added more investment portfolio advisors because clients really want customised solutions,” said Ms Lee.
That personal touch is central to Citi’s corporate culture, not just in Asia but across the globe, she said.
“We are not there to just push product. We are here to connect clients with our global network and advisory that is not short-term,” said Ms Lee.
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