It'll take a few years to return to 2019 levels, said David Mann, chief economist for Asia-Pacific, Middle East and Africa at the Mastercard Economics Institute.
The central bank has raised rates by 375 basis points so far this year.
"The challenge is if you've lost orientation of where the sky and the ground is, you're not quite sure where you need to end up," Mann said. Travel recovery in the U.S. is strong and people are still choosing to spend on experiences rather than material goods, Mann said.
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