Government Spokesperson Chai Wacharonke disclosed that the Japan Credit Rating Agency (JCR) maintains Thailand’s credit ratings at a stable outlook.
Public Debt Management Office reported that JCR affirmed the country’s Foreign Currency Long-term Issuer Rating at A Outlook, and Local Currency Long-term Issuer Rating at A+ Outlook.
According to the report, the ratings mainly reflect the country’s strong economic fundamentals, particularly its export industry, the stability of its financial system and its resilience to external shocks. The economy has been recovering since 2021 and is expected to maintain moderate growth in 2024, supported by services exports and private consumption. In the longer term, however, economic growth may slow down due to factors such as the falling birthrate and ageing population.
The current account balance returned to surplus in 2023. Factors that caused the current account deficit in 2021 and 2022, such as high fuel prices and a decline in foreign tourists, are being resolved and the current account surplus is expected to be maintained in 2024.
The Government Spokesperson stated that strong fiscal and financial position would be a booster for the Government’s economic advancement endeavor. The Government places importance on reinforcing the economy towards sustainable future, together with restructuring, reforming, and enhancing capacity and national competitiveness. Prime Minister and Minister of Finance Srettha Thavisin has ordered for more economic stimulus measures for the best interest of Thai economy against any future challenge. (PRD)
