Thailand’s ability to sustain growth and its credit standing are tied to stable politics and policymaking, S&P Global Ratings executive Kim Eng Tan said at a Bangkok forum on Oct. 26, the Bangkok Post reported.
S&P Global Ratings’ event agenda identifies Tan as Managing Director & Sector Lead, Sovereign Ratings. He was scheduled to join a growth outlook panel at Thailand Credit Spotlight 2026: Financing Thailand’s Next Growth, held in Bangkok by S&P Global Ratings and TRIS Rating.
The Bangkok Post reported Tan said political instability and inconsistent policymaking had hurt Thailand’s performance against regional peers. He told the paper that a budget deficit below 3% of gross domestic product could put public debt on a steadier path in coming years, while fiscal discipline and growth-supporting policies would affect the country’s credit profile.
Tan also linked losses at the Oil Fuel Fund, used to smooth domestic fuel prices, to possible liabilities for the state, the newspaper reported. The paper said he cautioned that substantial cuts to essential infrastructure investment could weigh on growth. The reported comments put deficit control alongside the challenge of maintaining investment that supports growth.
In June, the Public Debt Management Office (PDMO) said S&P affirmed Thailand’s sovereign rating at BBB+ with a stable outlook on June 18, 2026. S&P projected real GDP growth of 2.0% in 2026 and an average of 2.3% a year from 2026 through 2029, with budget deficits of about 3.2% of GDP in both 2026 and 2027, the office said. The PDMO also reported projected net government debt accumulation of 3.5% of GDP in 2026 and an average of 3.1% a year over 2026-2029.
The PDMO said S&P viewed political stability as a factor that could help policy implementation, economic change and projects in the Eastern Economic Corridor and transport infrastructure. It said S&P would track Thailand’s growth against peer economies, income per person, fiscal consolidation and domestic political conditions.
