Finance Minister welcomes S&P credit rating affirmation

BANGKOK, June 19 (TNA) - Thailand’s economic confidence has received positive signals following an affirmation of its sovereign credit rating by S&P Global Ratings and a significant rise in its global competitiveness ranking, Deputy Prime Minister and Minister of Finance Ekniti Nitithanprapas said.

On June 18, S&P maintained Thailand’s credit rating at BBB+ with a stable outlook. Ekniti projected 2% economic growth for the year, adding that political stability would support policy continuity and long-term economic restructuring.

Concurrently, the International Institute for Management Development (IMD) raised Thailand's competitiveness ranking by four spots to 26th out of over 70 economies. The IMD report highlighted an improvement in international investment rankings, which climbed from 30th to 24th, though international trade indicators fell from 4th to 9th due to heavy reliance on global markets.

Ekniti stated that the government will address structural weaknesses highlighted in the IMD report, particularly the country's high energy import dependency. Energy imports currently account for nearly 10% of Thailand's gross domestic product (GDP).

The newly formed Joint Public and Private Sector Committee on Economic Problems, chaired by Prime Minister Anutin Charnvirakul, will convene its first meeting on June 22 to discuss long-term infrastructure, energy, and regulatory reforms.

The government also plans to officially launch its "Thailand Fast Pass" initiative on June 23, aimed at accelerating investment through regulatory easing.

Ekniti added that Thailand’s adherence to fiscal discipline has sustained investor confidence, contributing to high capital inflows which were partly driven by capital outflows from Indonesia as it faces fiscal instability. -819 (TNA)