Connect with us

Economics

Thai workers debt hits 10 years high

The average worker’s family have a personal debt of 138,000 bahts, almost 10 times their monthly income

Avatar

Published

on

According to the latest survey by the University of the Thai Chamber of Commerce (UTCC) based on 1,194 respondents whose income is lower than 15,000 baht per month, 96% of them were in debt.

The survey estimated average debt per household at 137,988 baht, the highest level in 10 years, up by almost 5% from 2017.

Default rate up to 85%

Up to 34% of the current household debt of poor families is still managed by the informal sector

Up to 34% of the current household debt of poor families is still managed by the informal sector (known as loan sharks)

Some 85.4% of respondents have defaulted on debt repayments in the past 12 months, mostly because of lower income, higher expenses, rising product prices, and a higher debt burden and interest rates.

According to an infographic published by the Bangkok Post, up to 34% of the current household debt of poor families is still managed by the informal sector (known as loan sharks) with interest rates as high as 20% per month.

Laborers with wages under 15,000 baht a month are showing the highest rate of debt in 10 years according to a survey conducted by The University of the Thai Chamber of Commerce’s Economic and Business Forecasting Center.

Average debt of 138,000 baht up 5%

Of the 1,194 people questioned, as many as 96 percent said they have debts, the highest figure in 10 years. The average household debt for respondents was gauged at 137,988 baht, up 4.9 percent on-year with most having to make a monthly payment on average of 5,326 baht.

Continue Reading
Advertisement
Comments

Economics

Productivity is Key to Thailand’s Growth and Prosperity, says World Bank

The Thai economy is projected to pick up moderately to 2.7 percent in 2020 as private consumption recovers and investment picks up due to the implementation of large public infrastructure projects.

World Bank

Published

on

Thailand’s growth slowed to an estimated 2.5 percent in 2019 from 4.1 percent in 2018, due to external and domestic factors.

(more…)

Continue Reading

Economics

Thailand plans One trillion baht state budget to stimulate economy

Deputy Prime Minister, Dr. Somkid Jatusripitak, said that about 1 trillion baht of the government’s budget will be spent to stimulate the Thai economy.

Boris Sullivan

Published

on

Thai premier holds meeting on 2020 Budget

BANGKOK (NNT) – The ongoing trade war between the United States and China and a delay in state spending have added uncertainty to the country’s economic outlook.

(more…)

Continue Reading

Economics

Investment promotion requests exceeded 750bn baht in 2019

An impressive 59% was in the Eastern Economic Corridor, with China outreaching Japan to become the biggest international investor in Thailand.

National News Bureau of Thailand

Published

on

Bangsue railway station

BANGKOK (NNT) – Thailand remained an investment destination for international investors last year, as reflected in the overall value of investment promotion requests in 2019, released by the Board of Investment (BOI) today, which exceed a 750 billion baht goal.

(more…)

Continue Reading

Most Read

Upcoming Events

Thu 23

12th World Congress on Alzheimers Disease & Dementia

January 23 @ 9:00 am - January 24 @ 5:00 pm BMT
Feb 12

Future Energy Asia

February 12 - February 14
BITEC
Bangkok
Feb 19

13th World Congress on Nursing and Health Care

February 19 @ 9:00 am - February 20 @ 5:00 pm BMT
Phuket
Phuket city
Mar 11

Food science conferences

March 11 @ 8:00 am - March 12 @ 5:00 pm BMT
Mar 11

Food science conferences

March 11 @ 9:00 am - March 12 @ 5:00 pm BMT

Press Release

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 12,040 other subscribers

Trending