Thailand Trapped in Economic Doldrums as Debt Weighs Down Recovery

Thailand's economy is stagnating while neighbors like Philippines, Vietnam, and Indonesia race ahead with over 5% GDP growth
Household debt is very high at nearly 87% of GDP, driven by informal lending
Analysts say Thailand is caught in a "middle income trap" due to low productivity, poor education, and uncompetitive workforce
Recovery from COVID pandemic has been slow compared to regional peers, with growth stuck below 3%
Prime Minister Prayut is under pressure to stimulate economy but faces criticism over policies like cash handouts