Thailand will give priority to tackle informal debt to revive the economy, Prime Minister and Finance Minister Srettha Thavisin said at a press conference on November 28.
Thai Prime Minister and Finance Minister Srettha Thavisin (Photo: Bangkokpost)
Bangkok (VNA) – Thailand will give priority to tackle informaldebt to revive the economy, Prime Minister and Finance Minister SretthaThavisin said at a press conference on November 28.
Informal debt is a chronic problem, he said, adding the government willcoordinate with police to prevent unregulated lending.
He said the measures, to solve one of the region's worsthousehold debt problems, will help with debt restructuring and prevent peoplefrom taking on more debt that necessary.
The government estimates that there is about 50 billion THB (1.43 billion USD) ofinformal debt; however, this was a conservative estimate and the problem couldbe larger.
Meanwhile, statistics from the NationalEconomic and Social Development Council (NESDC) showed that household debt atthe end of the second quarter stood at more than 16 trillion THB, up 3.6%year on year and accounting for 90.6% of the nation’s gross domestic product (GDP).
Last week, Srettha said that the country'seconomy was in crisis, stressing the need to forge ahead with the government's500 billion THB digital handouts policy. The "digitalwallet" policy, which entails handouts of 10,000 THB to 50 million Thaipeople next year to spend in their localities, has come under criticism inrecent months by economists and former central bankers over risks of itbreaching financial discipline./.
Thailand expects 3.4-3.5 million visitors from China this year, below its target of 5 million set earlier this year, the Tourism Authority of Thailand (TAT) said on November 24, despite a visa-free programme rolled out to attract Chinese tourists.
Thailand’s Eastern Economic Corridor (EEC) Policy Committee on November 24 approved the EEC development plan for the 2023-2027 period to attract on average of 100 billion THB (2.8 billion USD) yearly.
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Thai Prime Minister and Finance Minister Srettha Thavisin (Photo: Bangkokpost) 
