S&P maintains Thailand’s credit rating at BBB+

S&P Global Ratings (S&P), a leading American credit rating agency and a division of S&P Global,has maintained Thailand’s credit rating for 2026 at BBB+ with stable outlook and has projected an economic growth rate of 2.3%, slightly down from last year’s 2.4%, according to Finance Minister Ekniti Nitithanprapas yesterday.

Amidst external threats and structural economic constraints, S&P said that the government’s fiscal policies are expected to cushion these pressures.

It also said that political stability is expected to support the continuity of long-term policy-making and increase flexibility in addressing short-term challenges. For 2026-2027, Thailand’s real GDP growth will average 2.4%, while GDP per capita averaging $8,000 in 2024 will increase to $9,000 this year, thanks to the strength of the baht currency.

S&P said the Thai government continues to prioritise investment in line with the national reform and the strategic plan, particularly the Eastern Economic Corridor project and transport infrastructure development via the PPP investment model, which will play a key role in driving investment in infrastructure projects and reduce state investment costs.

S&P said that the government’s tax incentives for investment in high technology industries, such as data centres and AI, will help increase Thailand’s future competitiveness.

S&P went on to say that the government is expected to continue implementing fiscal policies that support economic growth and address external risks. It forecast the government’s debt accumulation will reach 4.2% of the GDP this year while net government debt will increase to 47% of GDP in 2029, up from 40% in 2025.

The Thai government will continue to maintain a strong external financial position, according to S&P. The current account is expected to return a surplus of 2.1-2.4% of the GDP next year.

Ekniti said S&P maintaining Thailand’s s credit rating reflects confidence in the direction of the government’s economic policies. He added that the government will continue to implement its economic policies, enhance the country’s competitiveness while maintaining fiscal discipline.