S&P Global Ratings has maintained Thailand’s sovereign credit rating at BBB+ with a stable outlook, reflecting confidence in the country’s economic fundamentals, policy direction and ability to withstand external shocks.
Jindarat Viriyataveekul, director-general of the Public Debt Management Office, said on Thursday the rating agency had reaffirmed Thailand’s investment-grade rating while maintaining its stable outlook.
S&P forecast Thailand’s economy would grow by 2% this year, reflecting the impact of volatility in global energy markets on domestic economic activity. However, the agency expects growth to strengthen from 2027 onwards, with an average expansion of 2.3% between 2026 and 2029.
The rating agency also projected income per capita would rise from about US$8,000 (262,000 baht) in 2024 to $9,000 this year, supported by a stronger baht.
According to S&P, political stability under the current administration should support policy continuity and help advance long-term economic restructuring and investment programmes. Key projects include the Eastern Economic Corridor (EEC) and major transport infrastructure developments, with state enterprises and public-private partnerships expected to play a major role in enhancing Thailand’s competitiveness.
The agency noted that tourism remains a key pillar of the economy despite a 2.4% decline in foreign visitor arrivals in the first quarter compared with a year earlier. Government measures to support tourism and domestic travel are expected to help sustain growth in the sector.
S&P expects Thailand to maintain a fiscal deficit of around 3.2% of GDP in both 2026 and 2027 as the government continues using fiscal policy to support economic recovery and cushion external risks.
