Finance Minister Pichai Chunhavajira recently addressed concerns over a potential credit downgrade for Thailand, emphasizing the country’s strong potential for economic growth. As he arrived at Government House, he expressed optimism that Thailand would not face a credit rating downgrade. Mr. Pichai, who also serves as a deputy prime minister, highlighted the importance of continuity in the government’s efforts to achieve its economic growth targets, noting that Thailand has been demonstrating this effectively.
Responding to an analysis by a private economic and financial research center that suggested Thailand could face a credit downgrade in the near future, Mr. Pichai compared Thailand’s economic situation to that of neighboring Malaysia. He pointed out that while the two countries are similar in many aspects, Thailand lacks precise information about upcoming investments. Clarifying these investment plans could attract more investors to Thailand, he added.
The Finance Minister noted that there has been a significant increase in the volume of investment privileges requested by foreign investors from the Board of Investment of Thailand (BOI) this year. While these privileges typically take about three years to materialize, many are now focused on technology businesses that could lead to faster economic benefits and job creation.
In addition to foreign investments, the government plans to launch a new major infrastructure fund and accelerate the 200-billion-baht high-speed train project connecting three airports. Mr. Pichai stressed that these initiatives are aimed at boosting economic growth and creating new opportunities for development.
Regarding concerns about Thailand’s economic growth projections, Mr. Pichai stated that the country’s economy growing by less than 3% for an extended period should not be the sole basis for predicting a credit rating downgrade. He emphasized that there are many factors to consider when evaluating Thailand’s economic outlook, and the government is committed to implementing policies that support sustainable growth.
Looking ahead, Finance Minister Pichai Chunhavajira remains confident in Thailand’s economic prospects and believes that with strategic investments and continued efforts to attract foreign capital, the country can overcome any challenges it may face in the future. By focusing on promoting innovation, infrastructure development, and economic diversification, Thailand is well-positioned to maintain its economic stability and growth trajectory in the years to come.
