Thailand’s public debt-to-GDP ratio is estimated to reach 58.9% by the end of September, just a little below the current maximum of 60%. With this, after a decade of reluctancy, the Ministry of Finance recently announced that the debt-to-GDP ratio of the country will be raised to 70% to give more leeway for the government in borrowing funds essential for economic recovery. This will also allow the Thai government to continue with its plan of borrowing $69 billion to address budget deficit and increase Covid relief spending.
