Government forecasts 3.7% economic growth this year

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BANGKOK, 11 May 2015 -The government of Thailand has forecast that the nation’s economy is likely to grow by 3.7% this year, as growth of the country’s household debt has slowed down.

According to a spokesman for the Prime Minister’s Office Dr. Yongyuth Maiyalap, Thailand’s household debt is currently at 87% of the GDP.

The growth of household debt has been slower since mid-2014. It is increasing at the rate of 5% at present compared to 18% in 2012.

The spokesperson said this indicated that more people have earned more money through various government economic stimulus programs, allowing them to pay down their debts.

He added that accumulated household debt was due in part to the first car policy of 2013 and the widespread floods in 2011.

The Ministry of Finance, the Bank of Thailand and the Office of the National Economic and Social Development Board will continue to keep an eye on household debt.

Dr. Yongyuth believes that household debt will gradually become lower as a result of various economic stimulus programs.