Household debt in Thailand highest in 12 years

A handful of Thai baht coins

A handful of Thai baht coins. Photo: Saranya Chawanrattanasakul / flickr.

COVID-19 can be blamed for pushing Thai household debt to its highest level in 12 years, around 480,000 baht per household, said The University of the Thai Chamber of Commerce (UTCC).

The rector of UTCC, Thanawat Polwichai (ธนวรรธน์ พลวิชัย), said that the data collected from over 1,000 participants shows that the household debt in 2020 reached 483,950 baht per household surveyed, due to the higher costs of living and lack of income due to unemployment. The survey also shows that more than 70 percent of the debt is new, and is a result of the economic crisis caused by COVID-19.

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By Thai PBS World

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