Thailand's central bank reports July economic expansion driven by global AI/electronics cycle, with exports up 22.3% (especially semiconductors and computer parts) and tourism recovering 7.6% growth in visitor arrivals. However, BoT acknowledges risks of "Japanification"—prolonged stagnation with low growth and low inflation—though notes Thailand's underlying causes differ from Japan's experience. Key watch-factors include sustainability of the AI cycle, geopolitical tensions, household debt, and tourism recovery into Q4 and early 2027.