Household debt on the rise, as Thailand’s economic index decreases

The fallout from the Covid-19 pandemic continues to be felt around the country as Thailand’s economic index decreases and unemployment and debt continue to rise. Experts predict the country’s economic index will decrease from 37.4 to 36.8 over the coming 3 months. A report by the National News Bureau of Thailand says household debt is on the increase, with consumers concerned about increases in food and energy costs.

The Kasikorn Research Centre says that despite economic stimulus packages introduced by the government and the Bank of Thailand, the economic situation remains delicate, due to rising unemployment and the pandemic’s wider impact on the global economy.

Added to citizens’ concerns are fears of a second wave of the Covid-19 virus, particularly should the international border reopen without adequate safeguarding. However, a survey carried out by the Kasikorn Research Centre shows that, in the event of another outbreak, the majority of Thais want local lockdowns in the affected areas only, as opposed to a second nationwide shutdown.

SOURCE: National News Bureau of Thailand