The Thai economy should return to positive growth later this year with recovery by 2010, Prime Minister Abhisit Vejjajiva told leading business executives during his visit to Singapore on Monday.

He said the government's stimulus package would lead to the creation of 1.5 to 2 million jobs.

It should help Thailand "get growth back into positive territory by the end of the year and begin the process of recovery by next year," he said.

He hoped the Senate will approve the public lending bill passed by the House last week which empowers the government to borrow 400 billion baht to fund the stimulus.

The money will be used to upgrade irrigation, transportation and communications, schools and health care centres, he said.

"Whatever turbulence my administration has been through, we have never been distracted, we have never lost sight of the topmost priority, which is to make sure that recovery will be underway as soon as possible," he said.

Standard & Poors Ratings Services said on Monday that Thailand's BBB+ credit rating may be lowered if the economy of Southeast Asian nations slows and government finances deteriorate.

The negative outlook may be revised if political divisions are resolved peacefully, it said.

Mr Abhisit assured investors that social and political rifts can be healed, adding that the majority of Thais want the country to be prosperous.

"The biggest challenge is to take the country through this economic crisis and to emerge out of this.

''If we address those issues, I think the majority of Thais would be satisfied," the prime minister said.