This report does not constitute a rating action. Overview Institutional and economic profile Flexibility and performance profile Thailand?s economy is accelerating following a disappointing 1.9% expansion in 2023; we forecast real GDP growth of 3.1% in 2025 and 2.8% in 2024. Thailand?s general government fiscal deficits are likely to rise to 3.3% of GDP over the next two years as the government adopts a more supportive fiscal stance. --The government passed its fiscal 2025 budget on time, helping to shift to positive the fiscal impulse to growth. --Net accumulation of debt will also quicken, following slower spending over the past two years, in part due to the political cycle and the delayed implementation of last year?s budget. --The government has
