Most Thai households have been bogged down by high debt even before COVID 19 struck in early 2020. The average Thai worker has been struggling to make ends meet for many years, forcing dependence on borrowings.
The latest crises of a global scale such as the current Pandemic and its plethora of variants, and the Russian invasion of Ukraine have made them fall into a deeper hole of debt.
In the third quarter of last year household debt rose 4.2 percent year on year to Bt 14.35 trillion $434.8 billion, which is roughly 89.3 percent of gross domestic product GDP, according to the National Economic and Social Development Council NESDC.
Last week, the leader of the Kla Party, Korn Chatikavanij, proposed an idea to get rid of the debt, sparking a debate among netizens.
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