The Bank of Thailand revealed last week the critical problem concerning skyrocketing household debt. That 86.6% figure suggests Thailand could soon find itself in the top 10 countries with the highest ratio of household debt to GDP. In fact, the current level of household debt is just the tip of the iceberg, as the 86.6% figure only includes debt to financial institutions and not informal debt taken on with curb-side lenders. If these informal household loans are included in the tally, the figure might well be close to 100% of GDP. Currently, the one-two punch of a flagging economy and virus-induced hardships are also a catalyst for the rising level of household debt.

Source: Bangkok Post January 03, 2021 23:26 UTC