Thai Households Pile up Debt as New Virus Wave Weighs on Income
Bloomberg 2/1/2021 Suttinee Yuvejwattana
(Bloomberg) Thailand’s household debt, already among the highest in emerging Asia, is expected to rise further as a fresh Covid outbreak curbs incomes, weighing on consumer spending and heightening financial-stability risks.
Household debt stood at 13.8 trillion baht ($460 billion), or 87% of gross domestic product, at the end of September 2020, up from 79% a year earlier, according to central bank data. Debt levels will be one of the risks the Bank of Thailand considers in its policy decision Wednesday after its latest meeting minutes cited household finances as a factor that warrants attention.