Tax Hike on Rich May Be Needed to Pay Thailand's Pandemic Debt, World Bank Says
Voice of America
BANGKOK - Thailand’s super rich may ultimately have to pay more in taxes to address the $45 billion in government borrowing during the coronavirus pandemic, World Bank economists said Thursday, as the country struggles to roll out vaccines to flatten the curve of its worst COVID-19 outbreak.
The kingdom, one of Asia’s least equal societies, is home to 52 billionaires, according to the Shanghai-based Hurun Rich List, the most in Southeast Asia, and outstripping Italy, Japan and Singapore. Many have multiplied their fortunes during the pandemic — including Dhanin Chearavanont, Thailand’s richest man, with net worth of $18.1 billion on the 2021 Forbes list. Conversely, millions of Thais have become unemployed — including an uncounted army of informal workers from tuk-tuk drivers to street vendors — while household debt has surged to 90% of gross domestic product.FILE - Indian players celebrate after beating Pakistan during T20 World Championship Cricket competition in Johannesburg, South Africa, Sept. 24, 2007. Pakistan's Shadab Khan, second right, celebrates with teammates after taking the wicket of New Zealand's Michael Bracewell during the fifth T20 international cricket match between Pakistan and New Zealand, in Lahore, Pakistan, April 27, 2024.
FILE - This undated photograph handed out by French military shows Russian mercenaries boarding a helicopter in northern Mali. In this photo released by Russian Foreign Ministry Press Service, Russian Foreign Minister Sergey Lavrov, left, and Guinea's foreign minister Morissanda Kouyate shake hands near a portrait of Guinea's President Mamadi Doumbouya in Conakry, Guinea, on June 3, 2024.