Household debt this year expected to increase to 91.4% of GDP

13 Sept 23:22 Key points summarised by AI

Thailand's household debt is projected to reach 16.9 trillion baht, or 91.4% of GDP, by the end of this year, an increase from 90.9% in the third quarter of last year.
Non-performing loans (NPLs) in the banking system are estimated at 152 billion baht, with a notable rise in overdue car lease repayments, while credit card, leasing, and personal loans have increased at a higher rate.
The elevated household debt level, particularly non-productive consumption loans, poses a long-term risk to consumption and economic growth, exacerbated by a slow economic recovery and higher financial costs.
TMB Thanachart Analytics recommends responsible lending practices and the introduction of risk-based pricing to improve debtors' financial discipline and strengthen the weak grassroots economy.

Nationwide crackdown launched on illegal nominee shareholders and land holdings

Yesterday 15:20 Key points summarised by AI

Thailand's Prime Minister Anutin Charnvirakul initiated a nationwide crackdown on illegal Thai nominee shareholders in foreign-run businesses and land holdings to safeguard national interests.
The government will integrate efforts across all relevant agencies to target illicit foreign operations, forced sales of illegally acquired property, and high-risk land ownership schemes.
Key strategies include auditing suspect land and building holdings, establishing a long-term monitoring system, and cross-referencing data from various authorities to trace ultimate beneficial owners.
Prime Minister Anutin emphasized that no influential figures or corrupt officials are above the law, promising straightforward prosecution, asset seizures, and protection for enforcing officers.
Beyond land ownership, the integrated crackdown will also extend to tackle transnational crimes, including drug and human trafficking.