BANGKOK, Thailand – Fitch Ratings has revised Thailand’s sovereign credit rating outlook from negative to stable and maintained the BBB+ rating. This change reflects greater confidence in the government’s economic policies and fiscal discipline. Deputy Prime Minister and Minister of Finance Ekniti Nitithanprapas announced on September 18, 2026, that Fitch, Moody’s, and S&P now all assign Thailand a stable outlook. This demonstrates increased confidence in the country’s economic policy direction and ongoing fiscal discipline.
Fitch attributed the upgrade to increased political stability, which has reduced uncertainty and supported policy continuity. The agency forecasts Thai economic growth of 2.3 percent in 2026, following 2.4 percent in 2025. This resilience amid global energy price volatility is supported by investments in artificial intelligence, data centers, and domestic consumption driven by the Thais Help Thais Plus scheme. Despite a 4 percent decline in foreign tourist arrivals in the first eight months of 2026 due to Middle East tensions, tourism revenue remains strong, with full recovery expected next year.
On fiscal management, Thailand’s general government debt-to-GDP ratio was 59.3 percent in fiscal year 2025 and is expected to stay below 63 percent through 2028, improving on previous forecasts. Fitch highlighted the government’s commitment to fiscal discipline, green energy initiatives, and revenue reform. Thailand also maintains a strong external financial position. Although a temporary current account deficit of 0.5 percent is projected for 2026 due to high oil prices and capital imports for data centers, Fitch anticipates a return to a 1.5 percent surplus by 2027.
The Deputy Prime Minister stated that this favorable assessment highlights Thailand’s macroeconomic resilience amid global volatility. He reaffirmed the government’s commitment to achieving tangible results in new industry investments, advancing the green energy transition, and maintaining strict fiscal discipline to support sustainable national growth. (NNT)
