High debt level could be a drag on economic growth in the long term, says official
People discuss financial offers at Money Expo 2022 in March last year in Bangkok. (Bangkok Post File Photo)
The Bank of Thailand says it wants to see household debt levels below 80% of gross domestic product to help reduce economic and financial risks.
Household debt in the third quarter of last year was 86.8% of GDP, down from 88.1% in the previous quarter, and 90.1% in the fourth quarter of 2021.
Before the Covid-19 pandemic, household debt was 69.2% of GDP.
High household debt has been one reason why the Bank of Thailand has not increased interest rates aggressively, Governor Sethaput Suthiwartnarueput has…
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