Cash handouts and loan moratoriums risk downgrades due to debt reliance and growth concerns.
Government spending is aimed at stimulating demand and supply, aiming for 5% annual growth in Southeast Asia’s second-largest economy.
He also needs to find revenue for a debt moratorium for farmers and to subsidise electricity and fuel prices. “If Thailand’s economic growth rate is persistently weaker than what we currently project, that could put downward pressure on the ratings,” S&P Global Ratings analyst Andrew Wood said. “If Thailand’s economic growth rate is persistently weaker than what we currently project, that could put downward pressure on the ratings. Nevertheless, we currently see the economy growing at 2.8% in 2023, ahead of a further acceleration to 3.5% in 2024, as the tourism sector continues to recover and investment sentiment becomes more supportive following the formation of the government.
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