Politics Thai PM Responds to Moody’s Downgrade, Dismisses Casino Rumours

[webfact]

Picture courtesy of Thai Rath

Thai Prime Minister Paetongtarn Shinawatra challenges Moody's downgrade, clarifying it's not a rating; denies entertainment complex as casino plans.

 

At a recent event in Bangkok, Thai Prime Minister Paetongtarn Shinawatra addressed several key issues affecting Thailand's economy and international perception.

 

She was speaking at the TNN DINNER TALK held at the Waldorf Astoria Hotel, where she touched upon the recent decision by Moody's to lower Thailand’s credit outlook.

 

According to Shinawatra, this adjustment should not be interpreted as a loss of confidence in Thailand, but merely Moody's perspective amidst global economic challenges, particularly concerning tax measures and trade barriers impacting various countries.

 

Prime Minister Shinawatra also emphasised the potential of Thailand’s infrastructure projects, such as high-speed rail and logistic centres, to boost the economy and reduce dependency on seasonal tourism cycles.

 

 

 

Addressing misconceptions, she clarified that the proposed entertainment complex—a topic of political debate—is not intended to be a casino. Instead, it's an initiative to attract foreign investment without government expenditure and improve overall tourism by enhancing recreational offerings like water parks and museums.

 

Concluding her remarks, Shinawatra reassured the public of the government's commitment to tackling economic hurdles, notably tax barriers, through strategic negotiations and regional cooperation within ASEAN.

 

She expressed confidence in Thailand's skilled negotiators and government personnel to safeguard the nation's economic interests.

 

Separately, when queried about her father, former Prime Minister Thaksin Shinawatra’s legal issues, she deflected, suggesting that journalists should direct their questions to him directly.

 

Thaksin is currently involved in a legal matter concerning his hospital stay, with impending court proceedings scheduled for mid-June.

 

 

  Adapted by ASEAN Now from Thai Rath 2025-05-01

 

 

[JoePai]

Moody's downgrade, clarifying it's not a rating

 

555 what a dumb thing to say, sorry back to school for you

[fondue zoo]

This situation is akin to when an author explicitly explains the meaning behind a specific part of their writing, only for readers to counter with, 'No, what I think you meant to say was..."

[ozz1]

Maybe  daddy can talk to Moody's they have it all wrong

[JoePai]

This seems to go against what she was saying ?

 

Quote :

Moody's is the first global credit ratings agency to revise its outlook on Thailand, potentially prompting the other two major agencies -- S&P Global Ratings and Fitch Ratings -- to review and possibly adjust their assessments as well, he said.

According to Mr Kobsak, Thailand's outlook downgrade by Moody's is primarily based on concerns that the nation's economic and fiscal strength could deteriorate further, particularly in light of US trade and tariff policies.

These global headwinds threaten international trade and economic growth, posing significant risks for Thailand's export-driven economy.

 

[spidermike007]

Looks like the young, unelected PM is living in a Trump like alternate universe. Delusion can be a very powerful thing. Nobody is convinced. Sounds like alot of malarkey. 

[Tom100]

Of course the debt rating should fall! Weak growth is countered by counterproductive government policies that seek to increase consumer spending when a big underlying problem is excessive consumer debt!

 

Wages are low because productivity levels and education are low by OECD standards. Thailand will stay poor unless fundamental problems are addressed -- but this view is rejected by governments as "not understanding Thailand's uniqueness". LOL!

 

Moodys : "The decision to change the outlook to negative from stable captures the risks that Thailand's economic and fiscal strength will weaken further. ...Thailand's already sluggish economic recovery post-pandemic, and risk aggravating the trend decline in the country's potential growth. Material downward pressures on Thailand's growth raises risks of further weakening in the government's fiscal position, which has already deteriorated since the pandemic."

 

[Mavideol]

4 hours ago, webfact said:

According to Shinawatra, this adjustment should not be interpreted as a loss of confidence in Thailand,

if not a loss of confidence, please explain what it is

[Trippy]

So the Thai Govt went from 10% of an entertainment complex to be a casino, to now 0%.

Inspires confidence. 

[hotchilli]

4 hours ago, webfact said:

Prime Minister Shinawatra also emphasised the potential of Thailand’s infrastructure projects, such as high-speed rail and logistic centres, to boost the economy and reduce dependency on seasonal tourism cycles

All paid for by who exactly?

[hotchilli]

6 minutes ago, Mavideol said:

if not a loss of confidence, please explain what it is

A misunderstanding ?

[Beerzy65]

Thailand has a Baa1 rating. Where I come from the rating is AAA

[kiwikeith]

5 hours ago, JoePai said:

Moody's downgrade, clarifying it's not a rating

 

555 what a dumb thing to say, sorry back to school for you

Its not  a casino it's an entertainment complex, same as police hospital is a prison, don't you see!!!

[portisaacozzy]

6 hours ago, JoePai said:

Moody's downgrade, clarifying it's not a rating

 

555 what a dumb thing to say, sorry back to school for you

dumb and dummer !!

[johnc925]

Let's see, baht manipulation, unfair treatment of refugees (Ulgyers), unbalanced trade tariffs... that's just for starters.. 

[mark5335]

Seems to have been an unwarranted over-reaction by the Thai Gov't since Moody's affirmed the existing investment grade rating for Thailand, which the government should be content with. It was just the "outlook" (and not the rating) that was changed to negative, which should not be unexpected given the global economic context.

 

https://ratings.moodys.com/ratings-news/441991

[watchcat]

5 hours ago, hotchilli said:

All paid for by who exactly?

 

The taxpayers ?

[trainman34014]

Whatever happens it can't be Thailands Fault.  Facing the music means Loss of Face and we can't have that !

[DustyShoes]

8 hours ago, spidermike007 said:

Looks like the young, unelected PM is living in a Trump like alternate universe. Delusion can be a very powerful thing. Nobody is convinced. Sounds like alot of malarkey. 

Project much? Delusion is as delusion does.

[TimBKK]

Museums and water parks will help 

[NorthernRyland]

The explosive growth of Thailand over the 20 years has been fueled by debt and is unsustainable and has already reached the breaking point.

 

[hotchilli]

10 hours ago, watchcat said:

 

The taxpayers ?

China in some cases

[JimHuaHin]

The Prime Minister needs a reality check and/or change her advisors - she clearly does not understand what is happening to most people in Thailand.

[Jim Blue]

20 hours ago, Beerzy65 said:

Thailand has a Baa1 rating. Where I come from the rating is AAA

Baa sounds better!