Household debt in the first quarter this year soared to 16 trillion baht, accounting for 90.6% of GDP, attributed to increases in debt as well as the redefinition of national household debt, says Sakkapop Panyanukul, the Bank of Thailand’s senior director of the economic and policy department.
Following the redefinition, household debt for the period rose to 16 trillion baht, accounting for 90.6% of the country’s GDP, compared with 68.9% in the fourth quarter last year.
The central bank’s new household debt definition covers student loans, loans to agricultural cooperatives, housing loans and microfinance, offered by both existing banks and non-banks, said Mr Sakkapop.
The bank reported the economy remained on a recovery path in May, driven mainly by the tourism sector and increased private consumption and investment.
Public spending also expanded based on higher…
