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COVID-19 poisoning, a catalyst for Thai household debt 18 years higher
Household debt received periodic notifications from the authorities. It is likely to become more urgent for people’s livelihoods. Recently, on January 1, there is a report from the Bank of Thailand (BOT) publishing statistics on household loans for the third quarter of 2020 Household debt in the circulating system was 13,766,209 million baht, an increase from the second quarter of 2020 to 182,091 million baht, representing 86.6% of household debt to GDP, the highest in 18 years, a second quarter increase of 83.8%. And an increase compared to the third quarter of 2019 by 78.9%
While Miss Thanyalak Watcharachai Surapon Deputy Managing Director of Kasikorn Research Center Co., Ltd. said that the household debt figure that in the future, the household debt level will further increase. As long as the COVID-19 epidemic has not disappeared.
Ms. Thanyalak said Reducing household debt means increasing income and reducing expenses. But now, increasing revenue is not a good time. As for cost reduction, it is a matter of personal financial discipline, like buying a refrigerator or a car, there should be some savings. That the current values are not like that Now, COVID-19 has resumed its epidemic. The immediate problem must have measures to support debtors who are continually affected.
Ms Thanyalak said COVID-19 outbreak situation Cause loss of income from layoff or salary cut But the debt remains the same. Making the household sector in a difficult state Especially, households with incomes below 20,000 baht per month have more debt than savings. In a state of concern Most Thai society is in an aging society What is worrisome is the lack of savings to maintain.
Thanyalak said that the high unemployment rate is due to a new COVID-19 epidemic that is affecting all sectors. Overall demand for labor has declined Waiting for the spread of COVID-19 More relieved As for government aid, the employment issue is just support. This does not make the situation worse. Or the project to hire new graduates Compared to helping the unemployed in the United States like the Paycheck Protection Program (PPP), in principle it is good. But many factors in Thailand are not very favorable. Because US SMEs have a large number of registered legal entities. Can be scrutinized While SMEs in Thailand have 3 million entrepreneurs, around 400,000 are registered as legal entities, so the Thai government can only take subsidized measures.
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