Thailand Business News

Fitch Ratings raises outlook on Thailand to positive

BANGKOK (NNT) – Investors who plan to establish a business in a foreign country usually examine its credit rating first. Fitch Ratings, an international credit rating agency, has recently raised Thailand’s outlook to positive amid the global economic slowdown. The positive outlook is attributed to Thailand’s strong economic fundamentals and the government’s efforts to firmly establish its 20-year national strategy.

The Managing Director and Global Head of Sovereign Ratings for Fitch Ratings, James McCormack, said today that Thai economic growth this year stood at 3%, which was a little lower than the 3.2% projection, due to the global economic volatility, but Thailand is still one of 12 only countries around the world with a positive outlook. Most countries’ ratings have been downgraded, while the agency sees that the Thai economy and its fiscal status remain strong. The country’s debt-to-GDP ratio stands at 40 to 42%. Although the government plans to take out more loans to implement new infrastructure projects, it is not likely to exceed the debt ceiling, which is set at 60%. Furthermore, such investments will help improve the country’s competitiveness.

The Finance Minister, Uttama Savanayana, said today it is good news that Thailand’s rating has been upgraded to positive from stable because Fitch Ratings still has confidence in the country’s economic potential. If the government is able to work in line with its 20-year national strategy, investor confidence will increase. Many renowned multinational corporations have also shown interest in expanding their businesses in Thailand.

“It’s revised to positive. The adjustment was made in July. This is interesting because they said Thailand’s outlook has been adjusted up despite challenges from global events. That’s because Thailand in the long-term still has potential. If we can follow the socio-economic development strategy, Fitch Ratings believe that Thailand can still attract businesses on a global scale. They have noticed that many multinational corporations have shown interest to invest in Thailand because they see that a new government has been set up and a strategy.”

Source link

Share

All countries
6,052,421
Total confirmed cases
Updated on May 30, 2020 7:18 pm
Thailand
3,077
Total confirmed cases
Updated on May 30, 2020 7:18 pm
Indonesia
25,773
Total confirmed cases
Updated on May 30, 2020 7:18 pm
Singapore
34,366
Total confirmed cases
Updated on May 30, 2020 7:18 pm
China
82,999
Total confirmed cases
Updated on May 30, 2020 7:18 pm

Latest Updates

DPM Wissanu chairs Thai Airways rehabilitation Superboard

BANGKOK (NNT) - The Cabinet has acknowledged the appointment of DPM Wissanu Krea-ngam...

Thai parliament urged to pass record 1.9 trillion baht ($59.6 billion) stimulus bill

Thailand’s Prime Minister Prayut Chan-O-Cha on Wednesday urged parliament to approve the kingdom’s biggest-ever stimulus package to revive an economy battered by coronavirus, which...

Khon Kaen Zoo keeping animals cool by freezing meals

KHON KAEN(NNT)-With temperatures soaring to as high as 43 degrees Celsius in many...

Most Viewed

Bill Gates: Good Feedback Is the Key to Improvement

The world's richest man says everyone needs feedback beyond one-word descriptors.Bill Gates, who recently reclaimed the title of the richest man in the world, took to the stage earlier this month for a TED talk on one of his pet causes: improving the quality of education. Specifically, the Microsoft creator focused on the need of quality feedback for teachers. "We all need people who will give us feedback. That's how we improve," Gates told the audience. He continued: "When Melinda and I learned how little useful feedback most teachers get, we were blown away. Until recently, over 98 percent of teachers just got one word of feedback: satisfactory. If all my bridge coach ever told me was that I was 'satisfactory,' I would have

Thailand’s Botanic Gardens reopen today with COVID-19 control measures

Bangkok, 19 May, 2020, at 13.00 Hrs. – The Tourism Authority of Thailand (TAT) is pleased to announce that five botanic gardens have reopened...

Nguyen Van Thang: Youngest bank president is new member of Party’s Central Committee

VietNamNet Bridge - He is the youngest president of a large commercial bank and one of the youngest members of the Communist Party Central...

2020 Tourist Arrivals Forecast cut to 14 million – Tourism

The Tourism Authority of Thailand (TAT) now predicts only 14 million to 16 million foreign visitors this year, down from 33.8 million projected in...

Related Articles

Asia Pacific’s passenger traffic drops 98,8% in April

Preliminary April 2020 traffic figures released today by the Association of Asia Pacific Airlines...

THAI loses state enterprise status

BANGKOK(NNT)-Thai Airways International...