Thailand’s economy stumbles as Philippines, Vietnam, Indonesia race ahead

Thai economy is falling far behind its Southeast Asian peers amid growing middle-income trap fears.

Bangkok, Thailand – Sheltering from the sun on a street corner, Kridsada Ahjed rues the day he got involved with the loan sharks who now gobble up most of his daily earnings.

“I went to the loan sharks because people like me – with no assets or savings – cannot qualify to get help from legitimate banks,” Ahjed, a 40-year-old motorcycle taxi driver, told Al Jazeera.

“Now almost everything I make in a day goes towards paying the interest on my debt.”

Kridsada is far from alone.

Thailand’s household debt reached nearly 87 percent of gross domestic product last year, according to the Bank of Thailand, among the highest on earth.