S&P stance backs state policy

S&P Global Ratings’ affirmation of Thailand's credit rating and outlook underscores confidence in the government’s economic policies, which are focused on transparency and strong fiscal discipline, says Finance Minister Ekniti Nitithanprapas.

- WICHIT CHANTANUSORNSIRI

On Nov 13, the ratings agency affirmed its BBB+ long-term and A-2 short-term ratings for foreign currency, and its Along-term and A-2 short-term local currency sovereign credit ratings on Thailand. The long-term ratings outlook is stable.

The move by S&P follows Moody's and Fitch Ratings recently revising Thailand's outlook from stable to negative.

S&P expects the Thai economy to grow 2.3% in 2025 and 2.0% in 2026, supported by the government's fiscal measures aimed at bolstering economic recovery amid uncertainties from external risks and domestic political instability.

Thailand’s income per capita in 2025 is predicted to rise from US$8,000 to roughly $9,000, partly due to a stronger baht.

S&P views the Thai government as continuing to prioritise strategic national investments, particularly in the Eastern Economic Corridor and transport infrastructure. Public investment has strengthened since the second half of 2024.