BANGKOK (NNT) – Standard and Poor’s credit rating agency has kept its level of confidence in Thailand at BBB+, in spite of COVID-19 turmoil and political unrest, but has noted it is monitoring the situation.
Director of Public Debt Management at S&P Global Ratings, Patricia Mongkolvanich, revealed that the agency has maintained Thailand’s credit rating at BBB+, with a stable outlook due to the country’s fiscal strength and foreign currency reserves as well as low state debt.
It has assessed that current political problems will not weigh on the economy in the long term and that the administration is working effectively.
The agency is confident in Thailand’s finances, in spite of measures needed to respond to COVID-19, resulting in a deficit for 2020-2021 and hiking state debt.
S&P foresees the Thai economy recovering in the medium term and improving by 6.2 percent next year on the back of tourism and state investment. It also sees the Kingdom’s foreign reserves as stable.
Areas the agency is watching include economic growth and political stability, which may influence social and economic policies in the medium term.
Thailand’s economic growth expected to return to 2019 levels in mid-2023
Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.
The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.(more…)
S&P maintains Thailand’s credit rating at BBB+ with stable outlook
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.
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.(more…)
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