This report does not constitute a rating action. Overview Institutional and economic profile Flexibility and performance profile Thailand's economy will likely decelerate in 2026 due in part to headwinds from higher energy prices; we forecast real GDP growth of 2% in 2026 compared to 2.4% in 2025. Thailand's general government fiscal deficits are likely to average about 3.2% of GDP this year and next. The government is set to maintain a supportive fiscal stance, which will provide some buffer to the ongoing energy market dislocation. Net accumulation of debt will also remain around this level and may decline moderately in 2028 and 2029. The results of Thailand's February, 2026 elections give the country a chance to restore political continuity, potentially
