Prime Minister Prayut Chan-o-cha is pleased with the BBB+ rating for Thailand by Fitch Ratings, according to government spokesman Thanakorn Wangboonkongchana.
Mr. Thanakorn said that the prime minister acknowledged the rating announced by Fitch on Dec 20. The maintained BBB+/Stable sovereign rating for Thailand reflected confidence in the monetary and financial policies of the government, he said.
Fitch was confident that the Thai government was well managing risks related to the growing public debt thanks to its financial discipline. The prime minister was grateful towards organizations concerned for their recognized work, Mr. Thanakorn said.
According to the spokesman, Fitch predicted the Thai economy would grow by 4.5% next year on the government’s monetary and financial policies, the export outlook of the country and the recovery of the tourism sector.
Besides, the increase in the ceiling of the public debt-to-GDP ratio from 60% to 70% will raise investment and facilitate economic and social rehabilitation. Fitch also saw Thailand’s strength in its external finance and expected the country to make its current account surplus worth 0.8% and 3.5% of GDP in 2022 and 2023 respectively after a 2% deficit this year.
Fitch’s report on Thailand reflected the government’s efforts to carefully implement monetary and financial policies and borrow for the public interest and introduce financial policies to help general people and business operators affected by COVID-19. (TNA)
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