Another side of the story.
“Household debt historic high in August
Thailand’s household debt increased to a historic record high of 31.23 per cent in August, following the economic slowdown, which prompted people to borrow more.
The “Chamber Business Poll” reported on Thursday that the household debt surged 13.2 per cent on the yearly basis to Bt132,262 per household in August.
Thanawat Phonwichai, director of Economic and Business Forecasting Centre of Thai Chamber of Commerce University, said the figure reflects the household’s acute shortage of cash flow, due mainly to the economic downward trend.“
The Nation
Comment : savings down, debts up… It’s becoming pathetic to assert that private consumption will save the… “Private Ryan Exports” (read here).
Such a state of denial is becoming really embarrassing for the thai authorities.
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