Asia

New Thai PM Paetongtarn to Prioritize Tackling $474 Billion Household Debt

Paetongtarn’s blueprint to offer help for SMEs, tax reforms
Government to quicken economic stimulus, push digital wallet

Paetongtarn Shinawatra
Photographer: Andre Malerba/Bloomberg

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By Suttinee (Ying) Yuvejwattana and Thomas Kutty Abraham

September 8, 2024 at 6:00 AM UTC

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Thailand’s new government plans to expedite a sweeping debt restructuring to tackle an estimated $474 billion of household liability, offer financial assistance to small businesses and accelerate fiscal stimulus to lift growth.

The debt revamp will cover the entire system, and will be especially targeted at providing relief to borrowers of car and home loans, according to a draft policy statement seen by Bloomberg News. Prime Minister Paetongtarn Shinawatra is due to announce the plans in parliament on Sept. 12.