S&P keeps BBB+ Thai credit rating

S&P keeps BBB+ Thai credit rating

The Finance Ministry is confident the Thai economy will steadily recover after Standard & Poor (S&P) Global Ratings kept the kingdom's sovereign credit rating at BBB+.

Finance Minister Arkhom Termpittayapaisith said S&P not only maintained Thailand's sovereign credit rating but also rated its economy as having a Stable Outlook.

The move is credited to Thailand's strong finance and foreign currency parameters.

Mr Arkhom said the country's debt status is not worrying, adding the political strife has not significantly affected economic growth and the government's policy implementation initiatives.

"It has been estimated the economy will recover over the next one to two years," the minister said.

He added the National Economic and Social Development Council (NESDC) on Monday reported that national GDP contracted by 6.4% in the third quarter, an improvement when compared with second quarter's 12.1% contraction, the biggest decline since the Asian Financial Crisis of the late 1990s.

He said the third-quarter improvement is a signal that the economy is recovering.

The NESDC upgraded its full-year economic forecast to a 6% contraction on Monday from a 7.5% fall earlier.

The minister said the public debt level stood at 49.4% of GDP as of the end of September, noting it is still in line with the rules on financial discipline.

In the next quarter, the ministry will promote private sector investment and help its members maintain the domestic employment rate, he said, adding the ministry will expedite government payments and spending to inject money to help the economy recover.

The NESDC is forecasting the economy to expand by 3.5-4.5% in 2021 due to increased domestic demand, the global economic recovery and stronger global trade.

It said that fiscal budget disbursement contributed to the positive economic outlook.

Do you like the content of this article?
COMMENT

Activist opposes Sorrayuth's news comeback bid

Activist Srisuwan Janya has petitioned the National Broadcasting and Telecommunications Commission (NBTC) opposing former newscaster Sorrayuth Suthassanachinda’s plan to resume his role on Channel 3, saying it is against the news profession's ethical code to allow the former anchor to take a lead role in presenting news on air again.

20:05

Authorities to take advantage of early rainy season

The Office of the National Water Resources (ONWR) has been told to take advantage of the early arrival of the rainy season to stock up on water supply for next year's summer.

19:57

20 crew missing after Philippine ship runs aground in typhoon

A search was under way Tuesday for 20 crew members missing in the Philippines after their cargo ship ran aground while seeking shelter from rough waters churned up by a typhoon, the coast guard said.

18:33