Thais borrow early and get trapped in a cycle of debt

Thais borrow early and get trapped in a cycle of debt

 

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Thais, nowadays, are indebted from an early age, and the level of their debt is maintained even as they approach retirement.

 

A study by the Bank of Thailand reports that Thais get into debt in their 20s and tend to borrow more as they age. It is not surprising, therefore, that Thailand’s household debt has steadily increased to 78.6% of the country’s gross domestic products (GDP), or Bt12.8 trillion in the fourth quarter of last year, according to figures from the National Economic and Social Development Council.

 

By comparison, household debts in Thailand averaged 49.89% of GDP from 1991 to 2018. Between 2008 and 2012, the figure rose 12.8% per year, and its size, relative to GDP, surged from 56% to 77%. Thailand is now a top-ten highest household debt country among 89 countries worldwide and third highest among 29 Asian countries.

 

Full story: https://www.thaipbsworld.com/thais-borrow-early-and-get-trapped-in-a-cycle-of-debt/

 

 

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-- © Copyright Thai PBS 2019-08-13
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