Thailand's Economic Outlook

BANGKOK – Thailand's economic growth may not reach 3% this year but is expected to surpass that level next year as the government accelerates investment, according to Finance Minister Pichai Chunhavajira.

Southeast Asia's second-largest economy remains strong, with the public debt to GDP ratio expected to stay below the mandated ceiling of 70%. "The Thai economy is in a growth phase," Pichai said.

Furthermore, he reassured that, "Thailand is about to invest more, so it is not at risk of having its credit ratings downgraded."

Last year, the economy grew by 1.9%, trailing behind its peers. The central bank's rate cut last week is also expected to boost investment and temper the baht's appreciation.

The baht has risen by 2% against the dollar this year, securing its position as the region's second-best performing currency after Malaysia's ringgit. In September, the baht reached its highest level against the dollar in 31 months.