More than half of Thailand’s household debt is good debt says Finance Ministry – Thailand Business News

BANGKOK (NNT) – Although Thailand’s household debt has increased due to the COVID-19 crisis, household debt in many countries has also risen.

More than half of typical household debt is good debt, including home loans and business loans. The government and the Bank of Thailand (BOT) have continually taken measures to help debtors repay their creditors.

Adviser to the Fiscal Policy Office (FPO), Wuttipong Jittungsakul, said today the COVID-19 situation caused the economy to contract in 2020, raising the level of household debt against the gross domestic product (GDP) to 86.6 per cent in the third quarter of last year.

The figure was calculated using the country’s GDP growth rate in 2020, a negative 6.1 percent.

Other countries, such as Australia, Norway, Sweden, the Netherlands, Canada, South Korea and Malaysia, have also experienced similar circumstances. Their household debt to…