Prime Minister Prayut Chan-O’Cha was satisfied with Thailand’s credit rating, according to Fitch Ratings, after the domestic economy and tourism have gradually revived.
Government spokesperson Thanakorn Wangboonkongchana spoke today, June 22nd, that the Prime Minister was informed about the Fitch Rating which indicates that Thailand’s “Sovereign Credit Rating” is at BBB+ and the country is able to maintain a “Stable Outlook”, believing in the concrete effectiveness of the government’s duties and responsibility.
According to Fitch Ratings’ forecast in the first quarter of 2022, Thailand is expected to gradually recover throughout the year. In terms of Public Finance, the budget deficit will decrease while the general government debt to GDP ratio will increase to 55.4 percent of GDP.
The forecast also indicates the country’s economy will expand by 4.5 percent significantly from the domestic recovery and the return of tourists which is expected to increase from 6.5 million in 2022 to 22 million people in 2023. In terms of external finance, Thailand remains strong with high international reserves which are sufficient to support the country’s spending.
However, Fitch forecasts that Thailand’s current account will have a deficit of 1.8 percent to GDP, decreasing from 2.1 percent in 2021. But Thailand will return to its surplus of 1.0 percent in 2023 and 2.8 percent in 2024 due to the significant recovery of the tourism sector.
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