Thai consumer mood hits 9-month low after new virus outbreak

By Kitiphong Thaichareon and Satawasin Staporncharnchai

 

FILE PHOTO: A customer shops inside the Gourmet Market supermarket in Bangkok, Thailand May 20, 2017. REUTERS/Jorge Silva

 

BANGKOK (Reuters) - Thai consumer confidence dropped for a second straight month in January, hitting a nine-month low, after a fresh wave of coronavirus inflections, while the government announced plans for more relief to millions affected by the outbreak.

 

The consumer index of the University of the Thai Chamber of Commerce fell to 47.8 in January, the lowest since a record low of 47.2 last April due to the COVID-19 pandemic, its survey showed on Thursday.

 

The index was at 50.1 in December, when a new outbreak emerged before spreading to most of Thailand's 77 provinces.

 

"Consumers were worried about an economic slowdown and future jobs because of the epidemic," university president Thanavath Phonvichai told a briefing.

 

 

Consumer spending would remain low until early in the second quarter but sentiment could improve as the government rolled out new stimulus to help a tourism-reliant economy hit by the outbreak, he said.

 

The labour ministry plans to seek cabinet approval next week for a subsidy of up to 40.5 billion baht ($1.35 billion) to 9 million workers, with payments made in March, Minister Suchart Chomklin told a seminar on Thursday.

 

That will follow recently announced $7 billion in new stimulus to 31.1 million people, plus a subsidy to 1.34 million under the current co-payment scheme.

 

The government is considering additional measures to support Southeast Asia's second-largest economy, Finance Minister Arkhom Termpittayapaisith told the seminar, without elaborating.

 

Thailand had largely controlled the virus by mid-2020 and analysts worry the latest outbreak will hit the country's recovery as tourism flounders.

 

The central bank said on Wednesday the economy could grow less than its 3.2% forecast this year due to the slump in tourism.

 

While seeing growth of 2.8% this year, Thanavath said the latest government stimulus, if effectively implemented, could help the economy expand 3.4% this year.

 

($1 = 30.03 baht)

 

(Writing by Orathai Sriring; Editing by Martin Petty)

 

-- © Copyright Reuters 2021-02-04

 

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Great. Talks about a 9 month consumer low, with a photo from May 2017.

Where is the vaccine for Southeast Asia's second-largest economy the only realistic way out of this catastrophe ????

1 hour ago, sammieuk1 said:

Where is the vaccine for Southeast Asia's second-largest economy the only realistic way out of this catastrophe ????

It's coming, just got to wait in line.

48 minutes ago, ukrules said:

It's coming, just got to wait in line.

And Farang have to wait a long, long, long way down the line !

Thai consumers will hold off on spending this quarter: UTCC

By THE NATION

 

 

Thailand’s Consumer Confidence Index has dropped from 50.1 points in December to 47.8, the lowest in nine months, due to the second round of Covid-19 infections, the University of the Thai Chamber of Commerce (UTCC)'s Centre for Economic and Business Forecasting announced on Thursday.

 

UTCC president Thanavat Phonvichai said consumers will spend less money until the beginning of this year’s second quarter as they wait for the crisis to ease.

 

However, he said, the government’s three stimulus schemes – Khon La Khrueng” (Let's Go Halves), “Rao Chana” (We Win), and “Rao Rak Kan” (We Love Each Other) – should help generate more than Bt300 billion and create up to 900,000 jobs.

 

He added that the gross domestic product should grow 3.4 per cent if tourists start returning to the country in the fourth quarter.

 

Source: https://www.nationthailand.com/news/30402250

 

-- © Copyright The Nation Thailand 2021-02-05

 

- Whatever you're going through, the Samaritans are here for you

- Follow Thaivisa on LINE for breaking COVID-19 updates

1 hour ago, webfact said:

He added that the gross domestic product should grow 3.4 per cent if tourists start returning to the country in the fourth quarter.

Yep, though without clear leadership in stating what tourists will need to get in months in advance to book and get the airlines all returning, that 3.4% is pie in the sky.

What is different? Normally, consumption goes down the first quarter of every year. Nothing new.

15 hours ago, ukrules said:

It's coming, just got to wait in line.

me explaining my situation to my wife, my mia noi, and my Gik....  ????

19 hours ago, trainman34014 said:

And Farang have to wait a long, long, long way down the line !

Unless, presumably, we pay through the nose. I'm guessing $300-500.

Farang not more here to fill the trolleys at Tesco and co.