Thailand's economy is set to benefit from a mounting recovery while its international tourism sector continues to normalize heading into 2023. We expect the government's accumulation of debt to slow down compared with the 2020-2022 period as emergency pandemic measures recede, although it will retain a more supportive fiscal stance than prior to the pandemic. The 2023 elections will be an important determinant of the stability of political settings. We affirmed our 'BBB+/A-2' foreign currency and 'A-/A-2' local currency sovereign credit ratings on Thailand. The stable outlook reflects our view that Thailand's economic recovery will gain momentum over the next 12-24 months as activity in key sectors continues to normalize. On Nov. 23, 2022, S&P Global Ratings affirmed its 'BBB+'
