The fight against household debt features high on the government’s 2022 agenda

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Tackling household debt is one of Prime Minister Prayut Chan-o-cha’s main missions this year. (Photo by Government House)

The government has set itself the goal of accelerating the economic recovery and marking 2022 as the year of tackling household debt, Prime Minister Prayut Chan-o-cha said in his New Year’s message.

In a Facebook post, General Prayut said the country was plagued by Covid-19 issues and economic malaise resulting from lockdowns and pandemic restrictions.

He said he ordered action to be taken to deal with the crisis, which has helped those facing dire straits. “I am happy that the measures have shown signs of easing people’s plight,” he said.

The vaccine procurement and inoculation targets have been met with more than 100 million doses of vaccine administered so far, he said.

The country’s reopening revived the economy, triggering a much needed recovery, he said. Confidence indices have jumped in the agricultural, industrial and service sectors, while investment is also on the rise. The back-up plans have helped preserve the purchasing power of the public and boosted the economy, he added.

Khon La Krueng’s user fee subsidy program (“Half and Half”) in particular has been a resounding success and phase 4 of the program will be introduced in March, he said. Public spending boosted by phase 3, which ended on Friday, amounted to more than 200 million baht, he added.

He said the government had enabled SMEs to access loans worth 240 billion baht, credited for creating 2.6 million jobs.

The rice guarantee program, worth 80 billion baht, has given financial respite to 4.7 million farmers across the country, he said.

The government is prioritizing the kingdom’s household debt problem, which has reached a critical point, General Prayut said, adding that the government hopes to resolve household debts through various channels and mechanisms, including negotiations and restructuring. debt.

According to Reuters, the ratio of Thai household debt to GDP stood at 89.3% in the third quarter.

The amount was 14 350 billion baht at the end of September, against 14 28 trillion at the end of June, or the equivalent of 89.3% of the GDP, already among the highest in Asia, according to the press release.


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