Thai economy stable but household debt remains a worry
Thailand's economy remains stable and is projected to continue growing for the rest of 2023, according to the country’s National Economic and Social Development Council (NESDC).
Bangkok (VNA) – Thailand's economy remains stable and isprojected to continue growing for the rest of 2023, according to thecountry’s National Economic and Social Development Council (NESDC).
According to NESDC Secretary-General Danucha Pichayanan, thecountry’s state budget disbursements will reach some 1 trillion THB (28.5billion USD) in the fourth quarter of this year.
From the fourth quarter of 2023 to the first quarter of2024, about 1.8 trillion - 1.9 trillion THB will be injected into the economicsystem from regular budgets, budget allocations of government agencies, andstate enterprise investments. This will help stimulate consumption and domesticspending but is conditional upon expediting budget preparation and announcingthe implementation of the Budget Expenditure Act for fiscal 2024 within thefirst quarter of next year.
In the first quarter of 2024, a budget allocation of approximately 700 billion THB will be available for disbursement into the economic system. Those funds will come from the regular budget allocation and the earmarked budget of government agencies, totaling around 650 billion THB, as well as funds from state enterprise investments amounting to approximately 50 billion THB.
According to the official, Thailand's economy has expandedsatisfactorily this year, supported by tourism and domestic consumption.Current figures show approximately 2 million tourists entering Thailand permonth, which is expected to increase during the high season, with up to 28 millionforeign tourists projected to visit the country this year.
🌜 However, the Thai economy needs to monitor household debt,particularly the increasing default rate of hire-purchase car loans, whilecredit card debts continue to rise. Not only solving the problems, Thailand needs to promote financial literacy to prevent excessive spending andaccumulating more debt than the ability to repay./.
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A floating market in Thailand (Photo: Xinhua/VNA) 
