Thailand is experiencing a steady increase in household debt, particularly in auto loans and debts from savings cooperatives, according to the secretary-general of the National Economic and Social Development Council.
Key Takeaways
- Thailand’s household debt is continuing to increase, with a 3.6% rise in the first quarter of 2023, highlighting the need for close monitoring of auto loans and debt from savings cooperatives.
- Non-performing loans (NPLs) in the country have reached 2.68%, with a concerning increase of 30.3% in NPLs from auto loans, indicating a growing risk of bad debt.
- Financial literacy and access to financial services for Thai people have decreased compared to 2020, emphasizing the importance of providing education on borrowing, finance, and debt management.
In the first quarter of 2023, household debt reached 15.9 trillion baht, a 3.6% increase from the previous…
