(Bloomberg) -- Thailand’s new government plans to expedite a sweeping debt restructuring to tackle an estimated $474 billion of household liability, offer...
-- 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 .
Paetongtarn, the third member of the influential Shinawatra clan to lead the country, faces the challenge of boosting a $500 billion economy that’s lagged its neighbors with an average 1.9% growth rate during nearly a decade of military-backed rule.Thailand’s youngest premier will also need to reassure foreign investors that she can provide a stable administration, eschew any clashes with the central bank, and drive policies to reverse a slump in manufacturing and sustain tourism recovery.
The strategy to help small and medium enterprises, which account for about 35% of the Thai workforce and GDP, will include debt suspension, access to liquidity and steps to shield them from unfair foreign competition through online platforms, according to the policy blueprint. Studying the feasibility of a negative income tax system where low-income earners will receive “step-by-step tax refunds”
Thaksin Shinawatra Bloomberg News Debt Restructuring Thailand Srettha Thavisin Coalition Government Financial Institutions Bloomberg Fiscal Stimulus Household Debt Growth Rate Pheu Thai Party
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