The Bank of Thailand has released a quarterly report on the country's financial stability for the third quarter of 2022. Total household debt has declined, but there are reasons for concern.
Household debt has decreased or remained stable in almost all loan categories. Except for credit card debt, growth accelerated.
- In January 2022, the number of debtors was 1.9 million, 2.3 million accounts, with a bad debt of ฿200 billion;
- March 2022, the number of debtors 2.1 million, 2.7 million accounts, bad debts ฿2.2 billion;
- In June 2022, the number of debtors was 2.9 million, 4.3 million accounts, with bad debts of ฿400 billion.
It turned out that the number of accounts and receivables increased, but bad debts also grew. The household sector remains risky for Thailand's economic recovery. It is still fragile due to the high debt burden and higher living costs due to inflation. The country is recovering from COVID-19, but there are some segments of the population experiencing difficulties after the pandemic, which will affect the country's economy as a whole.