Despite the adoption of a new constitution, the path back to full civilian governance may not be guaranteed, in our view. This uncertainty is compounded by underlying social fissures. Thailand's per capita income, which is relatively lower than peers in this rating level, is expected to grow only moderately over the next one or two years. Nevertheless, we do not expect these constraints to materially affect Thailand's strong flexibility and performance metrics. Thailand continues to exhibit strong fiscal, external, and debt metrics. Although the government's ambitious infrastructure stimulus agenda signals an expansionary fiscal policy, we do not foresee a material deterioration in general government indebtedness. We forecast that Thailand's current account balance will moderate, but expect it to remain solidly
