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.

About the author

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign Up for Our Newsletter

Get notified of our weekly selection of news

You May Also Like

SCB expects Thai policy rate to continue rising

EIC expects the MPC to raise policy rate 0.25% at the meeting in November 2022, leading policy rate to end the year at 1.25%.

Bond Yields Rise in Emerging East Asia Amid Monetary Tightening

Global inflation, slower growth in the People’s Republic of China (PRC), and economic fallout from the Russian invasion of Ukraine continued to threaten the region’s short-term prospects.