We forecast Thailand's economy will grow at nearly 2.5% per year over 2026-2029, with tailwinds from renewed investment momentum in the public and private sectors. The government's supportive fiscal stance will continue to provide some cushion for the economy amid heightened uncertainty in global energy markets. Net accumulation of debt will average more than 3% of GDP annually. We affirmed our'BBB+/A-2'foreign currency and'A-/A-2'local currency long-term and short-term sovereign credit ratings on Thailand. The outlook on the long-term ratings is stable. On Nov. 4, 2026, S&P Global Ratings affirmed its'BBB+'long-term and'A-2'short-term foreign currency, and its'A-'long-term and'A-2'short-term local currency sovereign credit ratings on Thailand. The outlook on the long-term ratings
