The government’s measures to stimulate the economy, relax Covid restrictions and keep the diesel price from exceeding 30 baht per liter have positively influenced the consumer confidence index for October 2021, which stands at the highest level in 5 months.
University of the Thai Chamber of Commerce President Thanavath Phonvichai explained that consumer and business confidence were now improving because of higher numbers of foreign tourists and the relaxation of restrictions on various businesses, especially those to do with nightlife. Said relaxation will benefit night markets and vehicles for hire. Year-end celebrations are expected to usher in more spending by consumers, while the government’s latest measures to stimulate the economy – notably, the 100 billion baht of money that would circulate because of the Co-pay program – and economic effects of the local administrative organization election were all positive factors that would enable the economy to expand by 4% in the final quarter of 2021.
Asst. Prof. Thanavath said the whole year’s economic growth was being maintained at 1-1.5%. He added that the government should push for the economy to expand by no less than 5% in 2022, and government measures to stimulate the economy will remain necessary. He suggested that no less than 500 billion baht will be needed for stimulating the economy in the first half of 2022, adding that no additional borrowings will be needed by the government if the target of receiving 10 million foreign tourists is realized and exports are able to expand by 7-10%. (NNT)
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