Thailand’s car rental sector is anticipated to witness a modest growth of 2-3% this year, as per Krungthai Car Rent & Lease Plc (Kcar). This is a step down from the previous annual growth of 4-5%, a dip attributed to numerous elements such as a stagnating economy, slow resurgence of tourism, diminished buying power, and escalating household debt.
Pichit Chantarasereekul, the managing director, elucidated that the Thai household debt has surpassed 90% of the nation’s GDP with public debt reaching 61% of GDP this year.
Pichit voiced his optimism for the newly formed government, expressing his hopes for them to expedite budget disbursement to bolster the economy. He also noted their potential role in initiating state development projects to spur growth.
Kcar predicts that long-term car rental in Thailand will experience a boost, extending from three…
