Thailand’s household debt increased 3.9% to ฿14.02 trillion in Q4 of 2020 and will grow this year

[snoop1130]

Women walk past a row of bank automatic teller machines in a commercial building in Bangkok on September 1, 2020. (Photo by Romeo GACAD / AFP)

 

Thailand’s household debt increased 3.9% to 14.02 trillion baht in the fourth quarter of last year, representing 89.3% of gross domestic product (GDP), said Mr. Danucha Pichayanan, secretary-general of the National Economic and Social Development Council, today.

 

He noted that the increase, although at a slower rate, was in line with economic contraction and reflected public concern over creating new debt.

 

He also said, however, that the ability to service household debt has improved, but it still needs to be closely monitored, as the amount of outstanding debt, which does not exceed three months, remains high.

 

Full Story: https://www.thaipbsworld.com/thailands-household-debt-increased-3-9-to-฿14-02-trillion-in-q4-of-2020-and-will-increase-this-year/

 

-- © Copyright Thai PBS 2021-05-24

 

- Whatever you're going through, the Samaritans are here for you

- Follow Thaivisa on LINE for breaking COVID-19 updates

[ThailandRyan]

Not unexpected.  How many are struggling due to the Stagflation the country is experiencing and unemployment.

[Airalee]

Add that to the additional debt for SMEs (that are using it to keep afloat) and it’s a ticking time bomb.

 

“A recent study of the Office of Small and Medium Sized Enterprises Promotion (OSMEP), under the Ministry of Industry, showed that there are 2.9 million SMEs around Thailand, 99 percent of the total number of enterprises the nation has. This creates 9.7 million jobs and 3.4 trillion baht of added revenue. They produce 37.2 percent of the country’s GDP and generate exports valued at 1.59 trillion baht.”

 

https://www.sumipol.com/en/knowledge/smes-หัวใจที่แท้จริงของเศร/
 

 

“1. Small and medium-sized enterprises (SMEs) totaling 1.05 million accounts have availed themselves of the loan payment holiday with an outstanding debt of 1.35 trillion baht.

This figure is different from the 6.89 trillion baht outstanding debt of SMEs and individual borrowers which have been assisted by financial relief programs such as debt payment deferment and reduction, interest rate reduction, and preemptive debt restructuring.”

https://www.thailand-business-news.com/banking/81241-bank-of-thailand-to-end-debt-moratorium-for-smes.html

 

 

[mrfill]

Time to buy a new pick up and iphone on credit..... can't be seen with last years model can we?

[Peterw42]

This is the official debt that the government knows about. The real figures are unknown and a whole lot worse.

I have lived all over Thailand, every time I have got to know the neighbours, local shopkeepers etc, They usually have a substantial debt to money lenders, pyramid schemes, each other. And the Gov knows nothing about it

 

[Hayduke]

 

14 hours ago, snoop1130 said:

Thailand’s household debt increased 3.9% to 14.02 trillion baht in the fourth quarter of last year, representing 89.3% of gross domestic product (GDP)

 

Never mind all that...

 

Remember, the super-smart people at the Finance Ministry brilliantly reported on 08 March that....."More than half of Thailand’s household debt is good debt, as people acquired loans to improve their quality of life."

 

See?....debt is good and improves your quality of life...nothing to be worried about.

 

 

 

Edited May 25, 2021 by Hayduke

[hotchilli]

1 hour ago, Peterw42 said:

This is the official debt that the government knows about. The real figures are unknown and a whole lot worse.

I have lived all over Thailand, every time I have got to know the neighbours, local shopkeepers etc, They usually have a substantial debt to money lenders, pyramid schemes, each other. And the Gov knows nothing about it

 

Nor wishes to... everything is Sabai-see in LOS

[Cake Monster]

17 hours ago, snoop1130 said:

Thailand’s household debt increased 3.9% to 14.02 trillion baht in the fourth quarter of last year, representing 89.3% of gross domestic product (GDP), said Mr. Danucha Pichayanan, secretary-general of the National Economic and Social Development Council, today.

This is an old report that has been recycled for some reason.

The Household Debt is for Q4 last year.

The Household Debt for Q1 of 2021 will be significantly higher, probably rising to around 94% of GDP

[ThailandRyan]

4 hours ago, mrfill said:

Time to buy a new pick up and iphone on credit..... can't be seen with last years model can we?

Go big or go Home......buy a new Merc or Lambo, and a dozen I-Phones for your family, but we will need the McMansion to go with that as well.  Please sir can I have another bowl of gruel.......

[AlfHuy]

I think that everyone here on TV knows at least 1 person who is depending on loan sharks.

Those numbers are not reflected anywhere and many have lost house, car, land etc because unable to repay their loan. 

Edited May 25, 2021 by AlfHuy

[sammieuk1]

Wonder what figures and bad news would trigger a Baht collapse ????

[ThailandRyan]

2 minutes ago, sammieuk1 said:

Wonder what figures and bad news would trigger a Baht collapse ????

Sustained Stagflation, which is on the horizon could make it collapse.  The only thing keeping the world from the barn door is the supposed exports that keep rising.  Once that one collapses as other countries start to raise their own interest rates from where they now sit, and charge more for the exports being sent to them, then the elevator will start to freefall. By keeping the key interest rate where it is here in Thailand they have given themselves a cushion.  Just imagine if they had gone to a negative interest rate like some had done.  Pure ugliness.

[RichardColeman]

20 hours ago, ThailandRyan said:

Not unexpected.  How many are struggling due to the Stagflation the country is experiencing and unemployment.

Nonsense - the unemployment rate is under 2% and exports are 13% and booming  !!! Country's doing better than ever  (apparently)  ????