S&P Global Ratings has reaffirmed Thailand's credit rating at BBB+ with a stable outlook, reflecting investor confidence in the country's strong economic fundamentals.

Government Spokesperson Jirayu Houngsub stated that the credit rating shows a positive signal that the Government has been on the right track in implementing various policies to lay down Thailand’s foundations amid global uncertainties.

S&P projects Thailand's economy to grow by 2.3 percent in 2025 and 2.6 percent in 2026. Thailand may face external risks, particularly uncertainties stemming from the United States' retaliatory tariff policies. The average Real GDP Growth for Thailand between 2025 and 2028 would be around 2.8 percent, while income per capita in 2025 is expected to increase from US$7,500 to US$8,100, partly attributed to a stronger Thai baht.

S&P believes that the Thai government will continue to maintain its strategic focus on investment, particularly within the Eastern Economic Corridor (EEC) and in transport infrastructure projects. The Government will also support state enterprise investment and public-private partnerships, which will play a vital role in enhancing Thailand’s long-term competitiveness.

Thailand also holds a high level of international reserves and continues to exhibit a strong external finance position. Tourism remains a key driver. Foreign tourist arrivals reached 35.5 million in 2024, a 26 percent jump from 2023. That surge signaled a strong recovery. Yet in the first quarter of 2025, growth slowed by 1.9 percent year-on-year. However, S&P expects the outlook to improve again in later quarters.

Mr. Jirayu said that the Government intends to reform the country’s economic structure, so that it will become more modern and flexible, based on fiscal discipline management, together with investment for the future. It also continues to create greater economic opportunities and equality for the people by easing their debt, reducing their expenses. and increasing their income, while stimulating the economy in a concrete manner.

He said that the Government had recently approved an economic stimulus plan involving a budget of 157 billion baht. The fund will be spent on four major projects involving (1) infrastructure development, (2) tourism promotion, (3) the upgrading of the agriculture sector and the export industry, and (4) the improvements of human capital and community economy.