# Thailand’s Household Debt Soaring to 91.4% of GDP

- Link: https://www.thailand-business-news.com/banking/123995-thailands-household-debt-soaring-to-91-4-of-gdp
- Published: 2024-01-31T12:12:25+07:00
- Author: Aishwarya Gupta

**Thailand’s household debt to reach 16.9 trillion baht, 91.4% of GDP. Non-performing
loans and slow economic recovery pose risks.**

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Thailand’s household debt is projected to reach 16.9 trillion baht, or 91.4% of 
GDP, by the end of this year, with non-performing loans (NPLs) in the banking system
estimated at about 152 billion baht, according to TMB Thanachart Analytics.

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As of the end of the third quarter last year, household debt stood at 16.2 trillion
baht, accounting for 90.9% of GDP, up 3.4% from the same period the previous year.

## Rising Non-Performing Loans

The 3.4% increase was lower than the previous year due to tightened lending practices
by commercial banks. However, credit card loans, leasing, and personal loans increased
at a higher rate.

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Non-performing loans in the banking system grew by 2.79% to about 152 billion baht,
while outstanding car lease repayments overdue by 1-3 months amounted to about 170
billion baht, excluding lending by non-bank institutions and special financial institutions(
SFIs).

## Impact on Economic Growth

The anticipated slow growth of household debt in line with the gradual economic 
recovery is expected to impact consumption and economic growth in the long run. 
TMB noted that a third of the household debt is for non-productive loans such as
credit card borrowing and personal loans. It recommends responsible lending practices
and risk-based pricing to improve the financial discipline of household debtors.

Thailand’s household debt to GDP ratio has consistently exceeded 80% since 2015,
with a large portion being non-productive loans. This is notably higher compared
to neighbouring countries such as Malaysia and China, where the figures are 14% 
and 13% respectively, according to the center.