This report does not constitute a rating action. Overview Institutional and economic profile Flexibility and performance profile Thailand?s gradual economic recovery continues; we forecast real GDP growth of 3.4% in 2024, versus just 1.9% in 2023. Thailand?s general government fiscal deficits are likely to rise to 2.9%-3.4% of GDP over the next three years as the government adopts a more supportive fiscal stance. --The government?s fiscal policy will shift from a headwind to a tailwind in the second half of 2024, following the implementation of the delayed budget for this fiscal year (ending Sept. 30, 2024). --Net accumulation of debt will also quicken, following a delay in the implementation of the current fiscal year?s budget and therefore slower spending in
