Thailand's Central Government Debt (% of GDP), 1990-2022

Thailand's central government debt exhibited a sharp decline from 17.8% in 1990 to 3.67% in 1996, attributed to rapid economic growth and fiscal discipline during the Thai economic boom. However, the 1997 Asian financial crisis reversed this trend, with debt surging to 10.67% in 1998 and peaking at 30.07% by 2002 as the government implemented recovery measures and structural reforms.

Post-crisis, debt levels stabilized and gradually declined to 21.99% by 2008. However, the 2008 global financial crisis and subsequent domestic challenges resulted in an upward trend, reaching 29.89% in 2014. Following steady growth, the COVID-19 pandemic led to a significant rise, with debt hitting 53.56% in 2022, reflecting extensive economic stimulus efforts to counter the pandemic's impact.