Fitch affirmed Thailand’s rating at ‘BBB+’ with a stable outlook. Fitch forecasts Thailand’s economy will expand by 3.2% in 2022, from 1.5% in 2021. GDP growth will accelerate to 4.5% in 2023, underpinned by a continued recovery in domestic demand and a faster resumption of inbound tourism. The country’s fiscal deficit will gradually narrow to 5.3% of GDP in FY22, from an estimated 7.0% in FY21.