S&P Global Ratings (S&P) has maintained Thailand’s Sovereign Credit Rating at ‘BBB+’ with stable outlook in view of the country’s sustained economic recovery and fiscal stability, disclosed Government Spokesperson Chai Wacharonke.
S&P expects Thai economy to quickly recover and grow from 2.5% in 2023 to 4.2% in 2024, as a result of the Government’s fiscal policy implementation and the rebound of tourism sector.
The country’s Real GDP Growth is expected at an average of 3.2% during 2023 and 2026, whereas general government debt-to-average GDP ratio is forecasted to be below 4% during 2024 and 2026.
S&P also views that state enterprise investment and public-private-partnerships will take on a crucial role in driving the nation’s infrastructure development projects and enhancing competitiveness of the Thai economy in the next stage.
Net general government debt has been stabilized while Thailand’s external finances have remained robust. The current account is also projected to remain at the surplus side during 2024 and 2026, mainly due to the recovery of tourism sector. -819 (TNA)
