2 June 2015
The Government is confident that it is now on the right track in laying the
foundations for Thailand’s sustainable economic growth.
Deputy Government Spokesman Major General Sansern Kaewkamnerd quoted the
recent report by Moody's Investors Service that Thailand's stable BAA1credit
rating is supported by a very strong government financial position.
He said that Prime Minister General Prayut Chan-o-cha had been informed of
the report and thanked all sectors of Thai society for their efforts to help
stabilize the Thai economy, so that it has been well-recognized internationally.
The Government intends to introduce political and economic reforms for
sustainability, instead of establishing populist policies that would lead to
negative impacts in the long run.
According to Moody’s credit analysis, Thailand's well-diversified economy
and high foreign reserves are additional credit strengths. Manufacturing,
wholesale and retail trade, and agriculture accounted for around 52 percent of
nominal GDP in 2014, and 66 percent of employment. The services sector was the
single largest source of GDP growth in 2014, whereas the contribution from
agriculture was negligible.
Increased public investment spending will be the key to Thailand's growth
recovery in 2015 and 2016, whereas sluggish external demand recovery and
constraints on private consumption spending due to high household debt may act
as a drag on growth. In Moody's view, infrastructure improvements are likely to
help improve Thailand's regional competitiveness.
The rating agency also says that the military coup on 22 May 2014 restored
public order and stemmed economic uncertainty. The stable rating outlook means
that credit strengths and weaknesses are balanced.
Meanwhile, the Bank of Thailand issued a report on the economic and
monetary conditions for April 2015. The report says that the tourism sector and
public spending continued to play an important role in supporting the economy.
Thailand’s tourism industry continued to expand well, thanks to Chinese and
Malaysian tourists.
Public spending, particularly on capital expenditure for transportation and
irrigation, continued to be disbursed well, despite a slight decline after
acceleration in March 2015. Meanwhile, government revenues increased
significantly from the same period in 2015.
On the stability front, the unemployment rate declined slightly, thanks to
improving employment in the production sector after a continuing drop since the
beginning of the year. Inflation decreased on the back of domestic retail oil
prices, following the lower government oil fund levy and lower prices for meat
and eggs.
The current account registered a surplus, mainly because of import
contraction. The capital account also registered a surplus from inflows of
foreign direct investment. Overall, the balance of payments continued to record
a surplus, and the ratio of international reserves to short-term external debt
remained high.
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