April consumer confidence lowest in over 21 years

Praphorn Praphornkul

 

 

BANGKOK(NNT)-COVID-19 has resulted in last months’ consumer confidence index falling to the lowest in 21 years and seven months, but the Thai Chamber of Commerce believes a relaxation of lockdown measures, coupled with government stimuli, can still reinvigorate the domestic economy.

 

A consumer confidence survey, conducted in April revealed downward movement across the board for the 14th month in a row, resulting in the lowest rating in 21 years and seven months, or since the index began. The figure dropped from 50.3 points the previous month to 47.2 due to concerns over the COVID-19 pandemic and its present and future impacts on the Thai economy, as well as rising unemployment.

 

The President of the University of the Thai Chamber of Commerce (UTCC), Asst. Prof. Dr. Thanavath Phonvichai, said the Thai economy is entering a recession after experiencing negative growth for a third quarter in a row and positive growth is only expected from the fourth quarter this year onward. The forecast is based on the expectation that businesses will restart at the end of the year and 400 billion baht in government stimuli will begin to enter the economy in August, helping to offset a projected contraction of 8.8 percent. The contraction is now believed to be between 3.5 and 5.5 percent.

 

According to the UTCC President, the pandemic has removed an estimated 50 percent from the normal 600 billion baht in circulation, but up to 200 billion baht is expected to return if more business restrictions are lifted on May 17. The Thai economy is expected to show clear recovery in the second quarter of 2021.

 

-- © Copyright NNT 2020-05-10

 

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1 hour ago, rooster59 said:

COVID-19 has resulted in last months’ consumer confidence index falling to the lowest in 21 years

the knock on effect of millions of people with no income because of zero tourists and of course no foreign tourists coming and spending money a situation unlikely to change for at least 12 months

Meanwhile the Billionaire's who own all the Supermarkets are raking it in by prices higher than Europe for almost every product, whilst they 'pretend' to 'help' people by selling at reduced prices.....Greedy Jokers !

Well for now we cannot travel Internationally, but even if I could go to Thailand

this coming Winter, I will be staying put here where I live and where I have

good medical coverage. I do not want to have to pay a visa to go to Thailand if I want to

stay more than 30 days.  I hope that many people travel elsewhere for their holidays

as well. Maybe Thailand TAT and government will wake up, but I doubt it, just too simple minded

and too greedy. Som Nom Nah to all of them.

Geezer

Thanks to Wuhan virus, the world suffers.  Too bad the regime remains China-centric. It won’t help the economy.