The secretary-general of the National Economic and Social Development Council (NESDC), Danucha Pichayanan, has issued a warning regarding the increasing household debt in Thailand. Auto loans and debt from savings cooperatives were identified as critical areas requiring monitoring. Household debt in the first quarter reached 15.9 trillion baht, a 3.6% increase from the previous quarter. The household debt to GDP ratio slightly decreased to 90.6%. Danucha highlighted the growth in real estate purchases and personal loans as the main contributors to the increase in household debt. Auto loan bad debt and loans from savings cooperatives for personal use and debt repayment also showed concerning trends. Financial literacy and access to financial services declined compared to 2020. Employment in non-agricultural sectors increased by 2.5%, with the hospitality industry leading the recovery. The unemployment rate for the quarter stood at 1.06%.
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