While pockets of vulnerability have emerged in the corporate sector, systemic risks appear
contained. Corporate debt has been broadly stable as a percent of GDP over the past decade.
However, profitability of the companies listed on the Stock Exchange of Thailand (SET) on
average has declined and the share of debt at risk (defined as the debt of firms with low interest
coverage ratio (ICR) has increased since 2008 (Figure 7).
1
Vulnerabilities are also rising among
SMEs, which represent around 40 percent of GDP and 80 percent of the total labor force.
1
Based on a sample of 459 listed companies with asset size larger than US$25 million. The leverage ratio and
debt-at-risk would be lower when the asset cut-off is reduced and the sample size is expanded to include smaller
firms.
Assets of Main NBFIs
(In percent of GDP)
Insurance and mutual fund sectors have doubled as a
share of GDP in the last decade, while private pension
funds remain small.
2007 2016*
2007 2016*
2007 2016*
Colombia
3.8
6.8
0.2
0.1
13.5
22.1
Indonesia
3.3
4.4
…
…
2.2
1.8
Malaysia
18.4
20.3
25.3
29.1
47.8
59.9
Philippines
6.5
8.5
1.4
1.6
3.6
3.5
Singapore
43.8
42.8
… 641.2
…
29.9
South Africa
68.9
65.8
31.8
49.3
57.2
…
Thailand
11.2
24.2
17.8 30.98
5.2
6.9
Turkey
1.5
4.5
3.1
1.4
0.4
2.3
Sources: FinStats, The BoT, and Fund staff estimates.
1
Excludes government pension fund for Thailand.
* End-2018 for Thailand.
Insurance
Mutual fund
Pension
1
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