Thai Q3 household debt surges to 86.6% of GDP as economy contracts
[BANGKOK] Thailand's household debt level to gross domestic product (GDP) jumped to 86.6 per cent in the third quarter, the highest since 2003, central bank data showed on Wednesday, as the coronavirus pandemic hit the economy.
As of September, household debt rose to 13.77 trillion baht (S$608.87 billion), from 13.58 trillion baht at the end of June, equal to 83.8 per cent of GDP, already among Asia's highest.
The Bank of Thailand's (BOT) household debt data is available from 2003.
South-east Asia's second-largest economy is expected to shrink 6.6 per cent this year, which would be the deepest contraction since the 1997/98 Asian financial crisis, the BOT has forecast.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Israel concerned over possible ICC arrest warrants related to Gaza war
China’s top airlines improve balance sheet in Q1; outlook positive for May Day
G7 reaches deal to exit from coal by 2035
US, Britain urge Hamas to accept Israeli truce proposal
Saudi Arabia says economic revamp momentum intact as plans shift
German inflation creeps up to 2.4% in April