Thailand’s public sector debt
- DAISAKU KADOMAE
- Jul 21
- 1 min read
This chart shows Thailand’s public sector debt as a percentage of GDP from 1996 to 2030, with actual data up to 2023 and IMF projections thereafter (in red dashed bars).
Key Points:
Post-1997 crisis surge, followed by a gradual decline and stability from 2005 to 2019.
Sharp increase since 2020 due to pandemic-related spending, reaching about 63% of GDP by 2022.
IMF projects debt to remain elevated around 60–65% through 2030.
Implication:
Thailand’s fiscal space has narrowed significantly. Without structural reforms or revenue expansion, the country faces growing medium-term fiscal risks. Prudent debt management and fiscal discipline will be essential to maintain macroeconomic stability.
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