Thailand’s public debt stands at more than 50% of GDP

The office reported on its website that public debt had risen by 20 billion baht in December compared to November, though the public debt-to-GDP ratio fell from 59.58 per cent to 59.57 per cent against the previous month. Thailand’s GDP expanded after the easing of Covid-19 restrictions, the office said.

Meanwhile, in the first three months of the 2022 fiscal year (October-December 2021) the government borrowed 5.874 trillion baht to service its public debt.

The office said the government had borrowed 873.17 billion baht under the 2020 Covid-19 situation decree that set the loan ceiling at 1 trillion baht for economic rehabilitation measures.

The government borrowed another 273.17 billion baht under the 2021 Covid-19 situation decree that set a loan ceiling of 500 billion baht within 2022.

The Monetary Policy Committee, chaired by Prime Minister Prayut Chan-o-cha, resolved in September last year to raise the public debt-to-GDP ratio from 60 per cent to 70 per cent.

At the end of the 2021 fiscal year (September 30), the Cabinet was informed that Thailand’s public debt stood at 9.34 trillion baht.