# S&P Confirms Thailand’s BBB+ Credit Rating, Stable Outlook Maintained

- Link: https://www.thailand-business-news.com/economics/180916-sp-confirms-thailands-bbb-credit-rating-stable-outlook-maintained
- Published: 2024-12-16T09:46:00+07:00
- Author: NNT

S&P Global Ratings reaffirmed Thailand’s sovereign credit rating at BBB+ with a 
stable outlook, citing steady economic growth and ongoing stimulus measures.

## Key Takeways

 * S&P Global Ratings reaffirmed Thailand’s sovereign credit rating at BBB+ with
   a stable outlook, anticipating GDP growth from 1.9% in 2023 to 3.1% by 2025, 
   led by economic stimulus measures and a strong tourism recovery. Thailand’s real
   GDP is projected to average 3.0% through 2027.
 * Pachara Anantasilp, Director-General of the Public Debt Management Office, emphasizes
   crucial factors like investment in the Eastern Economic Corridor and infrastructure
   projects. State enterprise investments and public-private partnerships are pivotal
   for advancing these initiatives.
 * Thailand’s net government debt-to-GDP ratio might rise by 3.3% in 2025, with 
   stimulus measures such as cash handouts. Expected export sector recovery and 
   a robust tourism industry could lead to a 2.3% average current account surplus
   from 2024 to 2027. Consistent economic policies and political stability may upgrade
   Thailand’s credit rating to A-.

The agency forecasts steady economic growth for the country, expecting GDP to rise
from 1.9% in 2023 to 2.8% in 2024, and 3.1% in 2025. This growth will be driven 
by ongoing economic stimulus measures and a strong recovery in the tourism sector.
Over the 2024–2027 period, Thailand’s real GDP growth is projected to average 3.0%.

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Pachara Anantasilp, Director-General of the Public Debt Management Office, highlighted
key factors contributing to the positive outlook. S&P expects the government to 
continue prioritizing investments that align with national strategies. These include
the development of the Eastern Economic Corridor and large-scale transportation 
infrastructure projects. Investments by state enterprises and public-private partnerships
are also expected to drive these initiatives forward.

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The net government debt-to-GDP ratio is projected to rise by 3.3% in 2025. This 
increase is partly attributed to economic stimulus measures such as the 2024 Economic
Stimulus Program, which includes 10,000-baht cash handouts for eligible citizens.

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