Connect with us

Economy

Central Bank of Thailand voices concern over impact of economic slowdown

Thaiger

Published

 on 

image
image

PHOTO: Thai PBS World

The Bank of Thailand has expressed concern about the country’s rising household debt as a result of the sluggish economy.

The bank’s assistant governor Titanun Mallikamas was speaking on Monday, in response to the National Economic and Social Development Council raising the matter at a press conference.

“We are closely monitoring household debts, as Thai families are vulnerable to an income shock during the economic slowdown.”

Household debt nationwide stands at 13 billion baht, a rise of 6.3%, which accounts for 78.7% of total GDP. This is the highest level since the first quarter of 2017.

Addressing August’s low inflation rate of 0.52%, which has raised concerns of economic deflation, Assistant Governor Titanun says that inflation in recent months has been lower than the 1% target for the whole year.

He noted that at its last meeting, the central bank expressed worries about low inflation and slower economic growth, leading to a decision to cut the rate by 25 basis points to 1.5%.

Titanun says the bank’s actions will help grow the economy and that inflation could return to the 1% target.

It’s understood that the central bank and Finance Minister Uttama Savanahyana plan to discuss the inflation target and resulting monetary policy, but Titanun made no comment on whether the interest rate would be lowered again.

SOURCE: The Nation

 

Get more from The Thaiger

📱 Download our app on Android or iOS
👋 Have your say on our Thailand forum
🔔 Subscribe to our daily newsletter
📺 Subscribe / Join for daily shows
👍 Like/Follow us on Facebook
🐦 FOLLOW us on Twitter
📷 FOLLOW us on Instagram

image

Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Thailand's largest online portal for news and information.

Follow Thaiger by email:

World6 hours ago

Foreign Ministers of China and Malaysia agree over South China Sea

Bangkok7 hours ago

Burmese woman rescued by DSI after 13 years of forced labor

Protests8 hours ago

Burmese junta drives car into protesters killing 5, injuring dozens

advertiseadvertise
Chon Buri10 hours ago

4 Bang Saen restaurants busted selling alcohol outside Chon Buri Blue Zone

Politics11 hours ago

Woman who told PM Prayut to “retire quickly” claims police visited her

Transport13 hours ago

Boeing’s Max 737 returns to Chinese skies

image
Join the conversation on the Thaiger Talk forums today!
Coronavirus (Covid-19)13 hours ago

COVID-19 SUNDAY: 4,704 infections, 27 deaths, provincial totals

Coronavirus (Covid-19)14 hours ago

Omicron variant and surging Covid-19 affect European nations

Coronavirus (Covid-19)15 hours ago

Australia, Asia, and Africa deal with the Covid-19 Omicron variant

Thailand15 hours ago

HM The King returns to Thailand for Father’s Day commemorations

Coronavirus (Covid-19)17 hours ago

Omicron spreads to 38 countries, 10 US states; Remdesivir recalled

Transport18 hours ago

Hua Lamphong “won’t be torn down” | VIDEO

North East18 hours ago

Penis park in Khon Kaen is urging visitors to hug a member

Food19 hours ago

Vegan and vegetarian restaurants in Bangkok | VIDEO

Tourism19 hours ago

Maya Bay on hold, but preparations for an eventual reopening continue | VIDEOS

Coronavirus World5 days ago

Health officials say Omicron probably in the Netherlands prior to South Africa reports

Coronavirus (Covid-19)5 days ago

PM will decide on need for lockdown if and when Omicron found in Thailand

Coronavirus (Covid-19)7 days ago

UPDATE: What we know about “Omicron,” new travel restrictions to Thailand

Coronavirus (Covid-19)5 days ago

PM Prayut Chan-o-cha says PCR tests will remain a requirement for foreign arrivals

Thailand6 days ago

Thailand News Today | Quarantine requirements in Thailand relaxed, Vocal expat deported | Nov 29

Tourism6 days ago

No plans to reverse re-opening, despite Omicron variant – Tourism Ministry

Road deaths7 days ago

Thai man dies by flurry of bullets while going to get 2nd Covid shot

Drugs5 days ago

Men arrested at Bangkok airport for allegedly smuggling drugs valued at 95 million baht

Thailand5 days ago

Possible lockdown, Crypto in Thailand, Transit system improvements | Good Morning Thailand | Ep.143

Coronavirus (Covid-19)6 days ago

Thailand entry restrictions on African countries in response to Omicron

Visa2 days ago

10-year long term visa scheme takes a step forward, measures approved by PM

Bangkok6 days ago

Foreigner claims Bangkok taxi pocketed 1,000 baht for ride down Sukhumvit

Tourism5 days ago

Cha-am permitted to sell alcohol in restaurants from December 1

Coronavirus (Covid-19)7 days ago

Omicron Covid-19 variant isn’t in Thailand, DDC director says

Expats4 days ago

Bangkok is 4th best place to live in Southeast Asia, according to expat survey

Thailand3 months ago

Morning Top Stories Thailand | Police to end protests, Human Trafficking | September 14

Thailand9 months ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism9 months ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket9 months ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism10 months ago

Phuket Thai food treats you need to try | VIDEO

Thailand10 months ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism10 months ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand11 months ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand11 months ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand11 months ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand11 months ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand11 months ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand11 months ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand11 months ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand11 months ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

Trending