S&P affirms Thailand’s BBB+ credit rating
S&P Global Ratings has affirmed Thailand’s sovereign credit rating at BBB+ with a stable outlook, the Ministry of Finance said on Wednesday.
The Ministry of Finance announced on Wednesday that S&P Global Ratings has affirmed Thailand's sovereign credit rating at BBB+ with a stable outlook. The rating reflects confidence in the government's economic policy, stated Finance Minister Ekniti Nitithanprapas. S&P projects that Thailand's economy will grow by 2.3% in 2026, up from 2.4% in 2025, despite external risks and structural economic constraints.
The government's fiscal policy is expected to help mitigate these impacts, and political stability will support long-term policy continuity and agility in addressing short-term challenges, according to the ratings agency. Real GDP growth is projected to average 2.4% between 2026 and 2029, while GDP per capita is expected to rise from about $8,000 in 2024 to $9,100 by 2026, driven in part by a strengthening Thai baht.
The net government debt-to-GDP ratio is expected to increase from around 40% at the end of 2025 to 47% by 2029. Thailand maintains a robust external financial position, with an expected current account balance of equilibrium in 2026 and a surplus of 2.1-2.4% of GDP from 2027 onwards, driven by export growth and the normalization of energy prices.
The country remains a net external creditor with substantial international reserves. S&P will monitor key factors such as economic growth relative to peers, GDP per capita, fiscal policy trajectory, and domestic political stability to determine if any changes to the credit rating are necessary.
Written by urgent.news from Bangkok Post Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
