Thailand’s Consumer Confidence Index reached an 8-month high, according to the University of the Thai Chamber of Commerce, thanks to the relaxation of COVID-19 measures and the efforts to boost the general public’s purchasing power.
The University of the Thai Chamber of Commerce (UTCC) has announced the August 2022 Consumer Confidence Index score of 43.7, an 8-month high since February.
Mr. Thanavath Phonvichai, UTCC President and Chief Advisor to the university’s Center for Economic and Business Forecasting (CEBF), said consumers start to notice a slight economic recovery as the COVID-19 situation in Thailand starts to wind down, together with the relaxation of measures allowing businesses to operate as usual.
The lowering of oil prices and the relaxation of rules for international travelers have contributed to improved consumer confidence, as well as the government’s economic measures including the co-pay and state welfare campaigns. The overall consumer confidence also saw a boost from the growing export sector and higher farm product prices.
The CEBF expects the Thai economy this year to grow within the margin of 3-3.5%.
The center believes the minimum wage increase will drive economic recovery, whereas the flooding disaster should not affect the expected growth. (NNT)
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