Workers’ debt at 14-year high amid price rises, slow growth: survey

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The Bangkok Post

Thai workers’ debt levels have hit a 14-year high amid sluggish economic recovery and rising living costs driven by soaring fuel prices, a university survey showed on Thursday. The average debt of each worker’s household stood at 217,000 baht this year, up 6% from last year, restraining much-needed domestic spending, Thanavath Phonvichai, president of the University of the Thai Chamber of Commerce (UTCC), told a briefing. “Workers’ debts are still increasing. If living costs keep rising, consumer spending will disappear and it will be very difficult for the economy to recover,” he said. Southe…

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