"Household debt"

Household debt in Thailand surged to around THB218,000 per household, the highest in 14 years, according to the University of Thai Chamber of Commerce (UTCC).

The Justice Ministry has helped 4,130 people settle debts of Bt921.65 million at the first “Festival for household debt settlement”, held at the Bangkok International Trade & Exhibition Centre on Friday and Saturday.

Thailand’s economy is expected to recover gradually but still faces difficulties due to the Covid-19 crisis, global energy prices and the increasing cost of products and services, the Bank of Thailand (BOT) reported on Wednesday.

This year’s Chinese New Year festival is only expected to lure some 527,900 tourists and generate just 1.93 billion baht owing to fears over Omicron as well as the rising cost of living and household debt, Tourism Authority of Thailand (TAT) governor Yuthasak Supasorn said on Saturday.

In a bid to help families overburdened with debts incurred in the fallout of Covid-19, Prime Minister Prayut Chan-o-cha has called on related agencies to come up with solutions.

Thai household debt in the second quarter of this year has risen to 14.27 trillion baht or 89.3 per cent of the GDP, the National Economic and Social Development Council (NESDC) confirmed on Monday.

South Korea has the highest ratio of household debt to gross domestic product (GDP) among major economies in the world, a report showed Monday, indicating it could crimp consumption and weigh on the economy down the road.

Thai household debt in the second quarter of 2021 recorded at 14.27 trillion baht, or 89.3 per cent of GDP, comparing to 14.14 trillion baht recorded in the first quarter, or 90.6 per cent of GDP, which was the highest point of household debt per GDP in the past 18 years, Kasikorn Research Centre revealed on Friday (October 1).

Thai household debt in the first quarter of 2021 reached 90.5 per cent of GDP, the highest among developing countries, according to Siam Commercial Bank’s Economic Intelligence Centre (EIC).

In a bid to ease the burden on people, Prime Minister Prayut Chan-o-cha urged the Cabinet on Tuesday to come up with measures to ease debt problems both in the short and long term.

Digital Economy and Society (DES) Minister Chaiwut Thanakhamanusorn has revealed progress on moves to widen internet access for Thais on low income.

The Bank of Thailand’s Monetary Policy Committee (MPC) has identified three issues of concern for the country – the rapidly rising baht, a bleak outlook for the financial system, and rising household debt.