The Office of the National Economic and Social Development Council (NESDC) has reported that job creation in the country improved during the third quarter (Q3). Still, the primary workforce continued to contribute to a high rate of non-performing loans (NPLs).
According to the NESDC’s report on employment and society in Thailand, approximately 39.6 million people were employed in the third quarter, a 2.1% increase from last year. A total of 27.2 million jobs were created in the agricultural sector during the third quarter, representing a 4.3% increase in employment. Employment also increased by 4.5% in the retail sector, 8.3% in hotels and restaurants, and 1.4% in manufacturing.
Concerning NPLs, the agency reported that the Credit Bureau monitored 25 million debtors in the loan system during the third quarter, with total NPLs amounting to 1.09 trillion, or 8.4%, a decrease from 8.6% (1.1 trillion baht) during the same period last year.
The NESDC Office stated that auto loans had an NPL rate of 6.5%, similar to the previous quarter and that people aged 25-42 comprised the largest group of NPL debtors with 340 billion baht of NPLs, or 92,000 NPL accounts. As the NPLs for this group indicated rising costs and interest rates, the agency recommended that the government considers implementing additional economic stimulus measures to increase the income of this group of debtors. (NNT)
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