Thailand Prime Minister Srettha Thavisin today announced that an asset management firm is to be established by the Thai government in the first quarter of the year to address the persistent issue of high household debt. The initiative confronts numerous challenges, including the reluctance of some creditors to participate in the process.
With 90.9% of its GDP equalling household debt at the end of the fiscal year on September 30, 2023, Thailand boasts one of the highest such ratios in the region. Lower-income families, unable to secure bank loans, frequently resort to illegal loan sharks, resulting in a debt trap with steep interest rates for many.
The Government Savings Bank will establish an asset management firm, which will primarily tackle chronic debts, according to the Thai prime minister. The Bangkok-born politician did not provide further…
