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Thailand’s long-term debt stable: Union Bank of Switzerland

The Union Bank of Switzerland (UBS) has rated Thailand’s long-term debt sustainability as stable, despite earlier concerns that it might face a downgrade in its credit rating if there were efforts to stimulate the economy through the 10,000 THB (271 USD) digital wallet scheme.
Thailand’s long-term debt stable: Union Bank of Switzerland ảnh 1Illustrative photo (Photo: AFP/VNA)
Bangkok (VNA) - The Union Bank of Switzerland (UBS) has rated Thailand’slong-term debt sustainability as stable, despite earlier concerns that it mightface a downgrade in its credit rating if there were efforts to stimulate theeconomy through the 10,000 THB (271 USD) digital wallet scheme.

Government spokesperson Chai Watcharong said that whileUBS's latest report on the Asia-Pacific Economic Perspective noted somediscrepancies in fiscal expenditures, the public debt-to-GDP ratio, currentlyat 70% according to the latest IMF Article IV report, aligned with thesustainability of the debt and financial safeguards and legal institutions werestill effectively in place.

The government spokesperson reiterated that the assessmentof Thailand's Sovereign Credit Rating did not solely depend on the digital walletprogramme, with various rating agencies emphasising that the country'screditworthiness will be influenced by such factors as medium-term fiscalconsolidation plans and economic growth, beyond any specific financial policy.

Chai admitted that the country's economy, which has seen one of the lowestgrowth rates in the Association of Southeast Asian Nations (ASEAN) in recentyears and is below the country's potential, is considered a critical riskfactor that needs urgent remediation. This requires significant revenueenhancement measures to stimulate the economy to grow at a higher sustainedrate, both in the short term, the digital wallet being one of those measures,as well as in medium and long-term strategies, he added./.

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