...- Thailand's economy is likely to accelerate in 2024 following a slower expansion than we expected in 2023 amid an important political transition and the establishment of a new government. - The government is likely to speed up its pace of debt accumulation in the current fiscal year (ending September 2024), assuming it proceeds with a Thai baht (THB) 500 billion digital wallet scheme. However, we expect the change in net general government debt to average below 4% of GDP over 2024-2026, with fiscal settings normalizing from fiscal 2025 onward. - We affirmed our '###+/A-2' foreign currency and 'A-/A-2' local currency sovereign credit ratings on Thailand. - The stable outlook on the long-term ratings reflects our view that Thailand will sustain its economic recovery over the next 12-24 months, and fiscal settings will stabilize following a large proposed fiscal stimulus in fiscal 2024....
