(Photo by Kitja Apichonrojarek)Prime Minister Prayut Chan-o-cha has hailed a drop in Thailand's total household debt over the past 11 years, says government spokesman Sansern Kaewkamnerd. Lt Gen Sansern referred to a study by Kasikorn Research Centre which says the ratio of household debt to GDP dropped from 81.2% in 2015 to 79.9% at the end of last year. "The prime minister stressed the drop in household debt was due to greater prudence among Thais and banks, particularly with regards to auto finance, credit cards and personal loans," he said. Lt Gen Sansern said Gen Prayut also encouraged Thais to spend money carefully, regularly do household accounting, find a side job and save money to avoid sinking further into debt. Even though household debt has declined, accumulated debt remains high which could affect household expenditure.

Source: Bangkok Post April 03, 2017 21:00 UTC