A handful of Thai baht coins

Thailand trapped in a household debt quagmire

Most Thai households have been bogged down by high debt even before COVID-19 struck in early 2020. For many years, the average Thai worker has been struggling to make ends meet, forcing dependence on borrowings.

The latest crises of a global scale, such as the persisting pandemic and its plethora of variants, and the Russian invasion of Ukraine have only made them fall into a deeper hole of debt.

In the third quarter of last year, household debt rose 4.2 percent year on year to Bt14.35 trillion ($434.8 billion), equivalent to 89.3 percent of gross domestic product (GDP), according to the National Economic and Social Development Council (NESDC).

This dire situation has provided fodder for opposition politicians to attack the coalition government led by Palang Pracharath Party.

Recently, Kla Party leader Korn Chatikavanij floated an idea to get rid of the debt, sparking a debate among netizens.

Full story: thaipbsworld.com

By Thai PBS World

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