BANGKOK, Sept 18 – Thailand’s industrial confidence index (ICI) plunged to its lowest in 22 months at 91.3, the Federation of Thai Industries (FTI) announced today.
FTI chairman Payungsak Chartsuthipol said a survey of manufacturers found the ICI had dropped from 91.9 in July to 91.3 in August – running below 100 for the past 14 months.
Concerns over a weakened economy have resulted in a consumption slowdown while the export sector has shrunk continuously despite the depreciating Thai currency, he said.
Manufacturing costs remain high, impeding the growth of most businesses especially small- and medium-sized enterprises, he said, adding that warfare in the Middle East became another major obstacle to global economic revival.
He called on the public sector to ensure that the Thai baht is linked with regional currencies while planned government-initiated mega projects should be urgently launched to stimulate the economy.
Oil prices should be maintained at an appropriate level and the liquidity problems of small- and medium-sized business operators should be addressed, he said.
