The Japan Credit Rating Agency has described Thailand's economic outlook as "stable" despite the current downturn amid the coronavirus pandemic.
Deputy government spokeswoman Rachada Dhnadirek said yesterday that Prime Minister Prayut Chan-o-cha had welcomed the JCR's assessment and believed it would bolster investors' confidence as the country battled through.
The JCR has affirmed Thailand's long-term government bonds at A- and the baht at A, with a stable outlook, even though it projected that the economy would contract by 8% over 2020 due to a decline in exports and a collapse in foreign tourist arrivals.
The agency believes the Thai government will continue to maintain fiscal discipline and keep public debt at a manageable level, despite the country incurring a greater fiscal deficit.
According to Ms Rachada, Gen Prayut has reaffirmed the government's commitment to pushing ahead with mega-projects and taking out loans to revitalise the grassroots economy and create jobs while maintaining its handling of the Covid-19 pandemic.
She said the Public Debt Management Office had been asked to maintain the public debt-to-GDP ratio even as the government launched large-scale monetary and fiscal packages to reboot the economy.
Ms Rachada said there was also good news from the Board of Investment, which so far this year reported a 7% increase in investment proposals worth 158,890 million baht from 754 projects, many of them in the government's flagship Eastern Economic Corridor.