Popular Post webfact Posted April 4, 2022 Popular Post Share Posted April 4, 2022 By Erich Parpart Thailand’s household debt reached 90 per cent of the GDP in 2021 while non-performing loans (NPL) increased by 2.3 million accounts since the Covid-19 pandemic began, new researched showed this week. Household debt The government of Prime Minister Prayut Chan-ocha said in 2017 that it would work to eradicate poverty by 2018, however, not only has the number of welfare cardholders increased from six million in 2016 to nearly 14 million in 2021, the level of household debt also increased from 79.4 per cent of the GDP in 2016 to 90.1 per cent in 2021 with a total value of 14.58 trillion baht. Keep up to date with all things Thailand - Join our daily ASEAN NOW Thailand Newsletter - Click to subscribe According to Kasikorn Research Center (KResearch)’s latest survey released last Friday, the top debt was concentrated in three areas including house loans (34.5 per cent of the participants), business loans (18.1 per cent), and car or motorbike loans (12.4 per cent). Full story: https://www.thaienquirer.com/39149/household-debt-hits-highs-following-pandemic-woes/ -- © Copyright Thai Enquirer 2022-04-05 - Aetna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here. - Follow ASEAN NOW on LINE for breaking COVID-19 updates 2 1 Link to comment Share on other sites More sharing options...
Popular Post Laughing Gravy Posted April 4, 2022 Popular Post Share Posted April 4, 2022 So basically the government are inept and have a poor track record on sorting the countries economic woes. Who would have thought! Less submarines might be a first step and then spending money where it is needed, to the poor. If ever this wasn't the catalyst for people to vote this lot out, nothing is. 15 3 Link to comment Share on other sites More sharing options...
Popular Post itsari Posted April 4, 2022 Popular Post Share Posted April 4, 2022 Clear as mud on the state of the banks in Thailand after reading the article a number of times . 2 1 Link to comment Share on other sites More sharing options...
Popular Post Isaan sailor Posted April 4, 2022 Popular Post Share Posted April 4, 2022 Seems like a great time to raise the Baht again—what could possibly go wrong? 2 1 1 1 Link to comment Share on other sites More sharing options...
Popular Post Willy Wombat Posted April 4, 2022 Popular Post Share Posted April 4, 2022 House of cards . 5 1 Link to comment Share on other sites More sharing options...
Popular Post zzaa09 Posted April 4, 2022 Popular Post Share Posted April 4, 2022 3 hours ago, Laughing Gravy said: So basically the government are inept and have a poor track record on sorting the countries economic woes. Who would have thought! Less submarines might be a first step and then spending money where it is needed, to the poor. If ever this wasn't the catalyst for people to vote this lot out, nothing is. Yes, of course. Voting this current crop of scallywags out will solve all our ails. And then what.....?? Dreamy idealism should be added to pile. 4 1 Link to comment Share on other sites More sharing options...
Popular Post Rampant Rabbit Posted April 4, 2022 Popular Post Share Posted April 4, 2022 (edited) 7 minutes ago, zzaa09 said: Yes, of course. Voting this current crop of scallywags out will solve all our ails. And then what.....?? Dreamy idealism should be added to pile. Too right, the only people responsible for their debt is themselves reminds me of gamblers who blame advertisers when its them that dont have any self control, If I couldnt save up to buy it, I didnt, iTs not hard to understand, the stupid thing is unlike many western countries they dont have to in general get a mortgage for 25+ years many of them have land and a "home" already Combine that with the fact they are too lazy to do a lot of manual work but happy to sit and moan how they aint got any money, always want the easy lazy way. Impossible to find anyone to work on the land these days who is Thai. What actually needs changing is the mindset of many Thais Edited April 4, 2022 by Rampant Rabbit 8 Link to comment Share on other sites More sharing options...
Popular Post RichardColeman Posted April 5, 2022 Popular Post Share Posted April 5, 2022 4 hours ago, webfact said: while non-performing loans (NPL) increased by 2.3 million accounts since the Covid-19 pandemic began, new researched showed this week. So NPL's are now 4.3 million accounts , with a 2.3 increase ? That is completely unsustainable. That means that 10%+ of working Thais have NPL's. 10% of workers defaulting would mean chaos at the bank in the future. Something is very wrong with the baht based on that I think. Yet baht remains stubborn 5 1 Link to comment Share on other sites More sharing options...
Popular Post hotchilli Posted April 5, 2022 Popular Post Share Posted April 5, 2022 4 hours ago, webfact said: Household debt The government of Prime Minister Prayut Chan-ocha said in 2017 that it would work to eradicate poverty by 2018, however, not only has the number of welfare cardholders increased from six million in 2016 to nearly 14 million in 2021, the level of household debt also increased from 79.4 per cent of the GDP in 2016 to 90.1 per cent in 2021 with a total value of 14.58 trillion baht Thailand is facing a very real monetary crisis and the government are incapable of stopping it. 4 Link to comment Share on other sites More sharing options...
hotchilli Posted April 5, 2022 Share Posted April 5, 2022 43 minutes ago, zzaa09 said: Yes, of course. Voting this current crop of scallywags out will solve all our ails. And then what.....?? Anutin... ???? 2 1 Link to comment Share on other sites More sharing options...
Enzian Posted April 5, 2022 Share Posted April 5, 2022 To reiterate, there's the question of the tipping point. At what time will this come to bite the country in the behind, and what will that be like? Unless someone has a crystal ball, it seems we won't know till it happens. 1 Link to comment Share on other sites More sharing options...
Laughing Gravy Posted April 5, 2022 Share Posted April 5, 2022 4 hours ago, zzaa09 said: Yes, of course. Voting this current crop of scallywags out will solve all our ails. And then what.....?? No but it will be a start and just possibly better than the shower in term now. 2 Link to comment Share on other sites More sharing options...
Isaan sailor Posted April 5, 2022 Share Posted April 5, 2022 Perhaps we could snap up some late model, low mileage high end automobiles for for a song from these hapless NPL overspenders? Link to comment Share on other sites More sharing options...
Popular Post mommysboy Posted April 5, 2022 Popular Post Share Posted April 5, 2022 So basically the cost of lockdowns was put very firmly on the shoulders of poor people, and the Government did very very little to help. Now the problem is becoming systemic because domestic spending will be weak, and there will be increasing default on loans. Add to this a cost of living crisis, and inflation, and you have a perfect storm. Moreover, each further day of restrictions will make matters worse. Ultimately though, people in Thailand seem basically unable to live with Covid19. I really don't predict anything good happening to rescue the situation. 3 Link to comment Share on other sites More sharing options...
mommysboy Posted April 5, 2022 Share Posted April 5, 2022 (edited) 6 hours ago, Rampant Rabbit said: Too right, the only people responsible for their debt is themselves reminds me of gamblers who blame advertisers when its them that dont have any self control, If I couldnt save up to buy it, I didnt, iTs not hard to understand, the stupid thing is unlike many western countries they dont have to in general get a mortgage for 25+ years many of them have land and a "home" already Combine that with the fact they are too lazy to do a lot of manual work but happy to sit and moan how they aint got any money, always want the easy lazy way. Impossible to find anyone to work on the land these days who is Thai. What actually needs changing is the mindset of many Thais There's some truth in this. However, functioning in this modern world often requires assuming more debt these days, and prices in the shops are also going up quite considerably. One problem with debt is that it also prices you out of doing low paid jobs, which in any case are a dead end to nowhere, and a poverty trap. I'll say it before someone else does: 'Ok, Boomer'. Edited April 5, 2022 by mommysboy 1 Link to comment Share on other sites More sharing options...
Popular Post Expat68 Posted April 5, 2022 Popular Post Share Posted April 5, 2022 6 hours ago, Rampant Rabbit said: Too right, the only people responsible for their debt is themselves reminds me of gamblers who blame advertisers when its them that dont have any self control, If I couldnt save up to buy it, I didnt, iTs not hard to understand, the stupid thing is unlike many western countries they dont have to in general get a mortgage for 25+ years many of them have land and a "home" already Combine that with the fact they are too lazy to do a lot of manual work but happy to sit and moan how they aint got any money, always want the easy lazy way. Impossible to find anyone to work on the land these days who is Thai. What actually needs changing is the mindset of many Thais To a certain extent I agree but could you survive on 300 bhat per day, some people many bhat less, especially people living in Issaan? 3 Link to comment Share on other sites More sharing options...
oxo1947 Posted April 5, 2022 Share Posted April 5, 2022 It is high, but aren't most western countries up around that %-remembering also that Thailand started with a higher then most debt before the pandemic. Thailand, 90.2, 77.5 ; United Kingdom, 87.7, 86.9 ; United States, 78.5, . https://tradingeconomics.com Link to comment Share on other sites More sharing options...
Popular Post Rampant Rabbit Posted April 5, 2022 Popular Post Share Posted April 5, 2022 (edited) 12 minutes ago, Expat68 said: To a certain extent I agree but could you survive on 300 bhat per day, some people many bhat less, especially people living in Issaan? Lets put it this way, how many Thais do you know who daily buy a 30+ baht bubble tea drink, when they could drink water, how many of them have a phone they dont need, how many have a motorbike when the bulk of their trips less than a km could be done on a bicycle, ulitmately its a lack of responsibility by the Thais. 300 baht is perfectly do able without the above frivolities, however almost all Thais will not work for 300 a day and around here less than 500 a day and that almost all field work is not done by Thais as theyre too lazy, I live in a rural location. I pay my one Burma Boy 15000 a month + free accomodation , motorbike, water electric rice. Thaisnot interested..............thats over a 16 year period. Edited April 5, 2022 by Rampant Rabbit 5 Link to comment Share on other sites More sharing options...
mommysboy Posted April 5, 2022 Share Posted April 5, 2022 13 minutes ago, Rampant Rabbit said: Lets put it this way, how many Thais do you know who daily buy a 30+ baht bubble tea drink, when they could drink water, how many of them have a phone they dont need, how many have a motorbike when the bulk of their trips less than a km could be done on a bicycle, ulitmately its a lack of responsibility by the Thais. 300 baht is perfectly do able without the above frivolities, however almost all Thais will not work for 300 a day and around here less than 500 a day and that almost all field work is not done by Thais as theyre too lazy, I live in a rural location. I pay my one Burma Boy 15000 a month + free accomodation , motorbike, water electric rice. Thaisnot interested..............thats over a 16 year period. It is true, Many Thais simply can't economize. But I think that skill generally comes with middle and advanced age. We live in a different world these days though. Maybe it was easier for us to do without, because there was less to live without, and far far less pressure to have a 'wonderful' life. Different world mate! Link to comment Share on other sites More sharing options...
Banana7 Posted April 5, 2022 Share Posted April 5, 2022 (edited) Lots of work available in Thailand that pays baht. There are very few excuses why debts can't be paid on time. There are a million or more foreign labourers in Thailand working in construction, factories , restaurants, etc. Hundreds try to sneak into Thailand everyday from Myanmar, Cambodia, and elsewhere, to get a job that pays. I was in Phuket for a few days recently. All the waiters, waitresses, in all the restaurants I visited were from Myanmar. Edited April 5, 2022 by Banana7 2 Link to comment Share on other sites More sharing options...
mommysboy Posted April 5, 2022 Share Posted April 5, 2022 1 minute ago, Banana7 said: Lots of work available in Thailand that pays baht. There are very few excuses why debts can't be paid on time. There are a million or more foreign labourers in Thailand working in construction, factories , restaurants, etc. Hundreds try to sneak into Thailand everyday from Myanmar, Cambodia, and elsewhere, to get a job that pays. Lots of work available in Thailand that pays baht. Is it really enough to live on though in the modern world? Link to comment Share on other sites More sharing options...
Popular Post Banana7 Posted April 5, 2022 Popular Post Share Posted April 5, 2022 Just now, mommysboy said: Lots of work available in Thailand that pays baht. Is it really enough to live on though in the modern world? It's enough for Thais to live in Thailand. In most cases, it's not enough to live in a western standard of living in Thailand. This is where the disparity arises. Thai want all the appliances, conveniences, and living standards of westerners, but they don't earn western level of wages. 4 Link to comment Share on other sites More sharing options...
Popular Post Mr Meeseeks Posted April 5, 2022 Popular Post Share Posted April 5, 2022 6 hours ago, hotchilli said: Thailand is facing a very real monetary crisis and the government are incapable of stopping it. Might trigger other events too, and things could get out of control. Thais have had it pretty good for many years now, they won't be used to the shock that is coming. 3 Link to comment Share on other sites More sharing options...
Popular Post hotchilli Posted April 5, 2022 Popular Post Share Posted April 5, 2022 1 hour ago, Mr Meeseeks said: Might trigger other events too, and things could get out of control. Thais have had it pretty good for many years now, they won't be used to the shock that is coming. Most Thai families are in debt to some degree, loans for cars or business, when all the Covid infections become termed endemic and the country is fully open to tourism excuses will cease. Banks will say debts must be re-paid or the banks are going to be in trouble. 3 Link to comment Share on other sites More sharing options...
mommysboy Posted April 5, 2022 Share Posted April 5, 2022 1 hour ago, Banana7 said: It's enough for Thais to live in Thailand. In most cases, it's not enough to live in a western standard of living in Thailand. This is where the disparity arises. Thai want all the appliances, conveniences, and living standards of westerners, but they don't earn western level of wages. You make some good points, but it is a very one sided viewpoint. Link to comment Share on other sites More sharing options...
Grusa Posted April 5, 2022 Share Posted April 5, 2022 One of the better aspects of living on a retirement pension here in land of scams, is the utter impossibility of running up a huge credit card bill or loan. Stay solvent, die, or leave! Unless of course you are completely invisible, stupid, insane, drunk, dishonest or corrupt.......................... ???? 2 Link to comment Share on other sites More sharing options...
garyk Posted April 5, 2022 Share Posted April 5, 2022 19 hours ago, Rampant Rabbit said: Too right, the only people responsible for their debt is themselves reminds me of gamblers who blame advertisers when its them that dont have any self control, If I couldnt save up to buy it, I didnt, iTs not hard to understand, the stupid thing is unlike many western countries they dont have to in general get a mortgage for 25+ years many of them have land and a "home" already Combine that with the fact they are too lazy to do a lot of manual work but happy to sit and moan how they aint got any money, always want the easy lazy way. Impossible to find anyone to work on the land these days who is Thai. What actually needs changing is the mindset of many Thais Same in the US. It's a mess here. 1 Link to comment Share on other sites More sharing options...
Popular Post SoilSpoil Posted April 6, 2022 Popular Post Share Posted April 6, 2022 Most families own land, which has always been been the main reason Thailand earned its Teflon nickname. The Thai could alwaus rely on their famies in the villages. Lot of land is up for grabs at the moment. Just in my area hundreds 'for sale signs can be seen. Prices of a ngan or rai near to pristine beaches are at record low. With your land sold, high debt, no skills, what is the perspective of the next generations? The emergence of city slums? 3 Link to comment Share on other sites More sharing options...
Banana7 Posted April 10, 2022 Share Posted April 10, 2022 On 4/6/2022 at 7:12 AM, SoilSpoil said: Most families own land, which has always been been the main reason Thailand earned its Teflon nickname. The Thai could alwaus rely on their famies in the villages. Lot of land is up for grabs at the moment. Just in my area hundreds 'for sale signs can be seen. Prices of a ngan or rai near to pristine beaches are at record low. With your land sold, high debt, no skills, what is the perspective of the next generations? The emergence of city slums? SoilSpoil what area are you in? Can you estimate how much 1 or 2 rai land sells for near a pristine beach, with road frontage, electricity supply at the property line, any public water or sewage ? 2 Link to comment Share on other sites More sharing options...
kickstart Posted April 10, 2022 Share Posted April 10, 2022 On 4/5/2022 at 1:27 PM, Banana7 said: I was in Phuket for a few days recently. All the waiters, waitresses, in all the restaurants I visited were from Myanmar. I live in a rural area ,all the sugar cane cutters and cassava harvesting gangs come from Cambodia . As for waiters and waitresses being non-Thai Thai's ,just look at the UK ,last time I was they you played spot the English person working in a Starbucks etc ,in London almost any shop will have foreign workers working they , most come from the former eastern block countries . 1 Link to comment Share on other sites More sharing options...
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