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Thailand to launch asset management firm to tackle household debt

Thailand plans to establish an asset management firm in Q1 this year to address its USD452bn household debt crisis, Prime Minister Srettha Thavisin announced. The country faces a high debt ratio, with THB16.2tr (USD451.6bn) or 90.9% of GDP in debts as of September 2023, exacerbated by the prevalence of illegal loan sharks. The Government Savings Bank-led firm aims to tackle longstanding debts, yet specifics on its operations remain vague. Despite efforts to address the issue, progress has been slow, with only 12,000 out of over 140,000 registered individuals helped since December. Srettha also reiterated a commitment to a USD14bn consumption stimulus, planning to distribute THB10,000 each to 50 million Thais, amid concerns over its funding.


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