This report does not constitute a rating action. Overview Institutional and economic profile Flexibility and performance profile Thailand?s economy will likely slow in 2025 on the emergence of external trade headwinds; we forecast real GDP growth of 2.3% in 2025 and 2.6% in 2026. Thailand?s general government fiscal deficits are likely to rise to 3.3% of GDP this year and next. The government continues to pursue a supportive fiscal stance, which will provide some buffer to the economy amid heightened policy uncertainty. Net accumulation of debt will also quicken, following slower spending over the past few years. The government is also considering re-allocating fiscal stimulus funds, which could provide targeted relief to affected sectors. We forecast Thailand will maintain a
