S&P says Thailand is stable, maintains BBB+ rating


Despite turbulent times for many economies, Thailand’s outlook is stable, according to global credit rating agency S&P, which maintained the Kingdom’s sovereign credit rating of BBB+.

Thailand’s government said that it was pleased with the positive rating and expected that it would bolster the country’s reputation among investors and trading partners.

“This is good news that the rating will improve the image of Thailand’s economy at the international level and attract investors from around the world to invest more in the country,” said Tipanan Sirichana, Deputy Government Spokeswoman.

She added that S&P’s rating was based in part on the Kingdom’s successful management of the COVID-19 situation and the prospects for growing earnings from the tourism industry thanks to the country’s reopening earlier this year.

Actions by public health officials in the Kingdom efficiently prevented the spread of the virus from reaching the status of an epidemic. It has remained at outbreak level, despite case numbers fluctuate several times.

Tipanan also said that S&P expects the number of foreign tourists coming to Thailand this year to reach 10 million, compared with only 428,000 last year. As a result, Thailand’s real gross domestic product, which was 2.9 percent last year, is projected to grow by 3.2 percent on average from this year through 2025.

Other positive factors cited by S&P included the government’s support of investment, especially in its showcase advanced industrial zone Eastern Economic Corridor (EEC) and many infrastructure development projects that are underway as part of a national infrastructure upgrade program.

Photo courtesy of https://thainews.prd.go.th/en/news/