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Thai household debt could rise beyond 80 percent of GDP

Thai household debt stood at 79.8 percent of GDP in the first quarter of this year, it said in a report issued by the National Economic and Social Development Council (NESDC).

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COVID-19 crisis has had a massive impact on household debt which may soar beyond 80 percent of gross domestic product (GDP)

Thailand’s national economic planning agency on Tuesday told the media that the COVID-19 crisis has had a massive impact on household debt which may soar beyond 80 percent of gross domestic product (GDP).

Thai household debt stood at 79.8 percent of GDP in the first quarter of this year, it said in a June report issued by the National Economic and Social Development Council (NESDC).

“The pandemic resulted in businesses shutting down in addition to the drought already having hit households hard, leading to increased borrowing of money as incomes declined,” said NESDC secretary-general Thosaporn Sirisumphand.

Thosaporn also said that the economic impact will be severe in the second quarter, as many businesses have laid off workers or cut their employees’ salaries.

The official also said consumer loans expanded 7.5 percent in the fourth quarter of last year.

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Thai household debt could rise beyond 80 pct of GDP due to COVID-19 impact: think tank – Xinhua | English.news.cn

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Malaysia, Thailand banks to join the ASEAN Banking Integration Framework

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Coronavirus raises asset risks but Thai banks will maintain adequate solvency

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A resurgence of coronavirus infections in Thailand will hamper the country’s economic recovery and raise asset risks for banks in the country.

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