Debt Levels at New Highs: Thailand's Household Debt Reaches 16-Year Peak
According to a new survey, Thailand's household debt has reached its highest point in 16 years, indicating an increasing financial burden on locals amid slowing economic growth. The survey data shows that the total household debt level has reached 90% of the country’s gross domestic product (GDP), threatening financial stability and consumer spending.
The regional economic slowdown, driven by global economic disruptions and high inflation, exacerbates this problem. Overall, the increase in debt burden indicates that many households are already at their financial limits, which could lead to further reductions in consumer demand across the country. Economists note that high debt figures may undermine the purchasing power of the population, consequently affecting economic growth.
Given the current economic state and rising financial difficulties, officials warn that measures must be taken to enhance financial literacy and resilience among citizens. It is expected that in the coming months, the government will introduce new initiatives aimed at supporting households and reducing debt levels.
This situation requires attention from regulators, who should seek effective methods to manage debt levels and support the most vulnerable segments of the population.
