S&P said the positive outlook was a signal that the sovereign rating could be raised over the next 24 months “if there are clearer signs the key political players are committed to the current political framework and that abrupt and unexpected political changes become unlikely”.
S&P Global Ratings has upgraded its outlook on Thailand’s sovereign credit rating to positive from stable, but it cautions that a return to political stability will not be enough to spur an economy beset by external challenges.
“The positive outlook reflects our assessment that political uncertainty in Thailand has begun to ease with the return of an elected government,” S&P said in a release.
“With progress in implementing national reforms and strategic plans, we believe policy continuity and political stability will improve.”S&P Global Ratings
The ratings agency has affirmed its BBB+ (unchanged) long-term and A-2 short-term foreign currency sovereign credit ratings, as well as its A- long-term and A-2 short-term local currency ratings.
Finance Minister Uttama Savanayana said the upgrade by S&P follows previous increases by Fitch Ratings, Moody’s Investors Service and Rating and Investment Information Inc.
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…)
World Bank cuts Thailand’s GDP growth outlook to 1% in 2021
The World Bank has said that Thailand’s economy is forecast to grow 1% this year, down from the 2.2% projected in July, hit by a spike in COVID-19 cases and a delayed reopening to visitors.
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