Prime Minister Prayut Chan-o-cha has acknowledged Standard & Poor’s stable credit rating for Thailand and is confident the Thai economy will recover well next year.
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Government spokesman Anucha Burapachaisri said Gen Prayut acknowledged S&P Global Ratings (S&P) gave BBB+ sovereign credit rating and maintained its Stable Outlook for Thailand because Thailand’s external financial and fiscal conditions were very strong.
Besides, the amount of debts in the government sector was not raising any concern and ongoing political situations did not have any significant impact on national economic growth and the efficiency of the government. The Thai economy was likely to recover in the next few years, Mr Anucha said.
Public finance remained strong thanks to wise financial management. Although government policies to handle the novel coronavirus and stimulate the economy caused budget deficits in 2020 and 2021 fiscal years and raised the government’s debts, they did not affect the financial status of the country, the government spokesman said.
As of September 2020, the public debts of Thailand amounted to 7.8 trillion baht, equivalent to 49.34% of its gross domestic product and well under the 60% ceiling in accordance with the country’s financial discipline.
S&P expects the Thai economy will recover and grow in the medium term. Gradual recovery is possible next year due to improvement in the tourism sector based on effective control on COVID-19 and government’s support for continuous investments.
Mr Anucha said that the government would support the private sector in maintaining employment and speed up budget disbursements through governmental organizations and state enterprises to create jobs. (TNA)