Standard and Poor’s (S&P) maintained Thailand’s credit rating at BBB. The global rating firm expects the country’s gross domestic product (GDP) to grow at 1.1% this year, with a more optimistic growth at 3.6% per year from 2022 to 2024.
Government Spokesman Thanakorn Wangboonkongchana said the agency maintained Thailand’s credit rating at BBB with a stable outlook. In its report, S&P expects the country’s economic recovery to be driven by export and tourism, thanks to the higher vaccination uptake and COVID-19 containment measures.
The government’s continued investment promotion campaign will result in the overall economy rebounding to the pre-pandemic level from 2023.
S&P’s assessment shows Thailand’s external finance sector remains robust from the current account surplus, high liquidity, and high foreign exchange reserves. In addition, the country’s monetary and pricing stability policies have contributed positively to the credit rating.
The company will continue to monitor Thailand’s economic growth, as well as political developments which could cause a medium-term effect on the country’s ability to materialize economic and social policies. (NNT)
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