Average household debt in Thailand has reached a 15-year high due to a slower-than-expected economic recovery and high living costs, amid uncertainty over the formation of a new government, a survey showed.
Bangkok (VNA) – Average household debt in Thailandhas reached a 15-year high due to a slower-than-expected economic recovery andhigh living costs, amid uncertainty over the formation of a new government, a surveyshowed.
Average debt stood at 559,409 THB (about 16,000 USD)in 2023, up 11.5% from the previous year, according to the survey by theUniversity of the Thai Chamber of Commerce (UTCC).
The recovery of Southeast Asia’s second-largesteconomy has lagged behind others in the region as the vital tourism sector juststarted to recover last year from the pandemic, while soft global demandcontinues to stall exports.
Survey respondents thought they would continue toborrow more for at least six months, the university's president Thanavath Phonvichaisaid at a briefing.
The debt levels should peak in 2024, he said, addingthat despite the election, the economic recovery remains unclear, meaningpeople continue to face economic problems with high living costs and lowincomes until early next year.
The Thai parliament on July 27 postponed a vote for the next primeminister, delaying the formation of a government and policies to boost theeconomy.
The economy is expected to grow between 3.0% and 3.5%this year, Thanavath said, noting that the delayed government formation wouldhave more impact on growth next year.
The ratio of household debt to gross domestic product(GDP) stood at 90.6% at the end of March. Policymakers have expressed concernsabout the high debt, particularly among low-income earners./.
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New corporate registrations are expected to reach 83,000-90,000 this year, boosted by the increase in foreign tourists and the Thai economic recovery, outstripping an earlier projection of 75,000-78,000, reported the Thai Commerce Ministry's Business Development Department.
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Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
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PM Anwar Ibrahim affirmed the determination of Malaysia, as ASEAN Chair for 2025, to utilise all viable regional mechanisms of the bloc and work with partners to de-escalate violence and restore a peace process led by Myanmar.
Illustrative photo (Photo: Courtesy of Freepik) 
