Thailand’s household spending and debt accumulation have both slowed down, while debt payments are delayed despite higher wages, according to the Office of the National Economic and Social Development Board (NESDB).
The NESDB’s report indicated that the household spending and and household debt in the second half of last year slowed down.
Private consumption dropped 2.9 per cent in line with outstanding loans for private consumption.
Commercial bank business has continued to slow, while non-performing loans have increased 26.6 per cent and credit card debt balances for more than three months grew 45.8 per cent.
Debt creation this year and debt payments depend on the economy and higher wages.
Employment has tended to rise by 3-4 per cent this year, thanks to improved exports, however under risk factors of the government’s delay on infrastructure investment projects, reduced confidence in the business climate and political protests held back economic improvements.
