On Tuesday, the Thai Finance Minister said that the country’s economic growth may not reach 3% by the end of 2024, but will certainly surpass that level next year as the government investment starts ramping up.
Pichai Chunhavajira gave a statement to reporters that Thailand’s economy is still strong with the public debt to GDP ratio predicted to remain under 70% according to the country’s mandate.
Pichai also added that Thailand’s economy is in its growing phase, with more investment the country’s credit rating would not be at risk of getting downgraded.
Last year, the Thai economy grew only 1.9%, falling behind its neighbor.
Bank of Thailand rate cut last week would help boost investment and slow the baht appreciation, Pichai remarked.
So far this year, the baht has strengthened by 2% against the U.S. dollar, making it the second strongest currency following Malaysia’s ringgit. In September the baht reached its highest level against the U.S. dollar in 31 months.
