BANGKOK, Thailand – S&P Global Ratings has reaffirmed Thailand’s sovereign credit rating at BBB+ with a Stable Outlook. The agency forecasts Thailand’s economy to continue growing, with GDP expanding from 2.8% in 2024 to 3.1% in 2025, driven by ongoing economic stimulus measures and a recovery in the tourism sector.
S&P projects that Thailand’s economy will grow by 2.8% in 2024, up from 1.9% in 2023, and expects an average real GDP growth rate of 3.0% from 2024 to 2027.
Pachara Anantasit, Director of the Public Debt Management Office (PDMO), stated that S&P anticipates the Thai government will maintain investment strategies, including projects under the Eastern Economic Corridor (EEC) and large-scale infrastructure development. It is also expected that state enterprises and public-private partnerships will play a key role in driving these investment projects forward.
Thailand’s government debt-to-GDP ratio is expected to rise to 3.3% in 2025, partly due to various economic stimulus measures, including a 10,000 Baht cash handout. Meanwhile, the current account balance is projected to remain in surplus, averaging 2.3% from 2024 to 2027, bolstered by the recovery in exports and tourism. The number of foreign tourists visiting Thailand increased by 29.3% year-on-year, reaching 28.8 million between January and October 2024.
S&P will continue to closely monitor Thailand’s economic growth compared to other countries with similar income levels, as well as domestic political stability. If the government maintains consistent economic policies and political stability, the country’s credit rating could potentially be upgraded to ‘A-‘.
