A woman buys food at a market in Silom, Bangkok’s central business district. (Photo: Bangkok Post)
Thai workers’ debt levels have hit a 14-year high amid sluggish economic recovery and rising living costs driven by soaring fuel prices, a university survey showed on Thursday.
The average debt of each worker’s household stood at 217,000 baht this year, up 6% from last year, restraining much-needed domestic spending, Thanavath Phonvichai, president of the University of the Thai Chamber of Commerce (UTCC), told a briefing.
“Workers’ debts are still increasing. If living costs keep rising, consumer spending will disappear and it will be very difficult for the economy to recover,” he said.
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