Thailand’s public debt at the end of August 2024 was 11.7 trillion baht, accounting for 64.02 percent of GDP, according to a report submitted to the Cabinet by Minister of Finance Pichai Chunhavajira, in his capacity as Chairman of the Public Debt Policy and Supervision Committee.

The Cabinet on 5 November 2024 acknowledged the report, which stated that the public debt level was well below the statutory threshold of 70 percent.

Under the State Fiscal and Financial Disciplines Act of 2018, the public debt-to-GDP ratio must not exceed 70 percent, while the government's debt burden as a percentage of projected annual revenue must not exceed 35 percent. Moreover, the proportion of public debt in foreign currency to total public debt must not exceed 10 percent.

The report states that the Government has created public debt with caution, taking into consideration worthiness and ability for debt repayment, as well as fiscal and financial stability and sustainability and Thailand’s credibility.  

It explains that the increase in public debt has resulted from securing more loans, which play an important role in driving the Thai economy on a continual basis. The loans have been used to stimulate the economy, lay foundations for development, generate income, and accelerate investment in infrastructure in all parts of the country.

They are also intended to distribute wealth to the regional areas of the country, reduce social disparities, increase opportunities for the people and upgrade their quality of life, and enhance Thailand’s competitiveness.