The average household debt in Thailand has reached a record high, increasing by 8.4% from the previous year due to slow economic growth, lower incomes, and high living costs.
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The average household debt in Thailand has reached a record high, increasing by 8.4% from the previous year due to slow economic growth, lower incomes, and high living costs.
Average household debt in Thailand has reached a record high of 606,378 baht, up 8.4% from the previous year, causing significant financial strain for many families.
The use of informal loans has increased to 30%, indicating that banks have tightened credit and pushed lower-income families towards high-interest illegal loan sharks.
Both the government and central bank have expressed concerns over the country’s household debt, with the finance minister emphasizing the urgent need to address and assist retail borrowers.
The Center for Economic and Business Forecasting at the University of the Thai Chamber of Commerce reported that household debt in Thailand is at its highest level in 16 years, with an average of…