Thailand’s Consumer Confidence Index (CCI) in July rose to 84.1 from 81.7 in
the previous month, marking the third consecutive month on the rise and its
highest level in 64 months, according to a survey by the Economic and
Business Forecasting Center of the University of the Thai Chamber of
Commerce (UTCC).
The CCI rise was attributed to hopes among Thai consumers
that the new government will have policies to stimulate economic growth,
Center Director Thanawat Polvichai said.
Particularly, the confidence index relates to anticipated
rising personal incomes in the future, having risen to 102.8, passing 100 as
most consumers believe that their incomes will not drop in the future.
Meanwhile, the public remained concerned over the rising
cost of living, increasing oil prices, and uncertainties regarding the
global economic recovery, particularly in the United States and Europe, Dr
Thanawat added.
Dependent upon no domestic political turmoil occurring,
spending and investment are projected to recover in the fourth quarter of
2011, pushing the country’s 2011 overall economy to expand by 4-5 percent.
In addition, Dr Thanawat said the centre is continuing
its monitoring of the CCI in August to see the public reaction to the new
35-member cabinet, and fluctuations in the global economy, including the
United States and Europe.
Meanwhile, Pongsak Assakul, deputy chairman of the Thai
Chamber of Commerce, said the organisation is ready to work with the new
government, and gave his assessment that the new economic ministers have the
capability to properly steer the Thai economy.
Corruption and social disparity are key and urgent
problems to be solved, Pongsak said. The government should improve
Thailand’s competitiveness and respond to fluctuations of the global economy
in the short term. It should also brace for a worldwide economic recession,
possible volatile capital inflows and outflows, as well as ensuring the
stability of the baht. (MCOT)
