A recent survey by the University of the Thai Chamber of Commerce (UTCC) indicated an 11.5% increase in household debt from last year, marking this year as having the highest rate of debt in 15 years. The concern weighs heavily on economic recovery predictions suggesting a further increase if the economy does not bounce back in the upcoming year.
UTCC President, Thanavath Phonvichai, unveiled the concerning trend and detected a recurring pattern of families struggling with expenses surpassing their income. He attributes this situation to a chain reaction of economic challenges that have plagued Thailand, originating from the China-US trade war and further magnified by the pandemic repercussions, amplifying household debt.
He said…
“The impact of the trade war led to a downturn in exports, affecting various sectors, including workers in the…
