Thailand’s National Economic and Social Development Council (NESDC) disclosed on Monday that Thai household debt in 2Q24 experienced a mild surge of 1.3%, amounting to approximately 16.32 trillion baht ($471.78 billion), in contrast to the previous quarter’s rise of 2.3%.
Thus, the country saw a decrease in debt-to-GDP ratio from 90.7% to 89.6% during the period.
A downward trend or stagnation was seen in most sections of household debt, with personal loans being the primary exception. This tendency was triggered by an accumulation of high debt, a fall in credit standard, and the implementation of more stringent lending regulations by financial organizations.
The volume of non-performing personal loans saw a leap to 1.16 trillion baht (approximately $33.63 billion), comprising 8.48% of total loans. This signifies an increase from the preceding quarter’s 8.01%, demonstrating a spike across all loan categories.
