News Forum - Survey says Thailand’s worker’s debt has hit a high after over a decade

[Thaiger]

A survey by the University of the Thai Chamber of Commerce says the average debt of each worker’s household in Thailand is 217,000 baht this year. This is a 14 year high for Thailand. At the end of 2021, the country’s overall household debt was 14.6 trillion baht, one of the highest in Asia, per capita. Most service sector workers were worried about losing jobs, according to the survey. The university’s president Thanavath Phonvichai said that if costs continue to rise, consumer spending will “disappear” and it will be “very difficult for the economy to recover”. This news comes amidst […]

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[Shade_Wilder]

This is a direct result of government policy during Covid.

Some have lauded Thailand for not going into debt during Covid, but the simple reality is that the government downloaded poverty and debt onto the lower economic strata while setting policies that helped the well-off keep their heads above water. Ever wonder why expensive shopping malls have re-opened, but a small bar has not?

To make things worse, now we will see a series of tax breaks aimed at 'getting the economy moving again', or put another way, refilling the bank accounts of the High-So Wealthy at the expense of the less-fortunate.

Someone in Thailand was going to have debt due to Covid, and surprise surprise surprise the government comprised of and backed by the wealthy Bangkok Elite is going to come out smelling like roses while the 'Poors' are going to be staying under crushing debt, and thus weakened politically, for many years to come.

It is all so predictable.

And sad.

Very, very sad.

[HolyCowCm]

We surveyed and polled 100 of the ruling party‘s Government Senators to ask them what they thought about the general Thai public debt.

And Survey said the top 5 replies were:

1. We don’t care ! 30 points

2. We’re rich already, why you ask? 25 points 

3. Its good because we make money off them. 20 points

4. Tell them to stop crying I have a headache 15 points

5. I’m bored my Tik Tim video is not getting enough views and they need to support me more. 10 points 

100 points 

[palooka]

2 hours ago, Shade_Wilder said:

This is a direct result of government policy during Covid.

Some have lauded Thailand for not going into debt during Covid, but the simple reality is that the government downloaded poverty and debt onto the lower economic strata while setting policies that helped the well-off keep their heads above water. Ever wonder why expensive shopping malls have re-opened, but a small bar has not?

To make things worse, now we will see a series of tax breaks aimed at 'getting the economy moving again', or put another way, refilling the bank accounts of the High-So Wealthy at the expense of the less-fortunate.

Someone in Thailand was going to have debt due to Covid, and surprise surprise surprise the government comprised of and backed by the wealthy Bangkok Elite is going to come out smelling like roses while the 'Poors' are going to be staying under crushing debt, and thus weakened politically, for many years to come.

It is all so predictable.

And sad.

Very, very sad.

You nailed it.

[TheDirtyDurian]

Stop giving loans to people to buy cars when their salary is less than the monthly payment might be a good start. 

It amazes me....

That's why it's called amazing Thailand I guess.