Thai consumer confidence at record low in August on virus curbs

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FILE PHOTO: People visit shopping center to celebrate New Year Eve during the coronavirus disease (COVID-19) outbreak in Bangkok, Thailand December 31, 2020. REUTERS/Soe Zeya Tun

 

BANGKOK (Reuters) - Thai consumer confidence dropped to a record low in August, hurt by stricter coronavirus containment measures that slowed economic activity, a survey showed on Thursday.

 

The restrictions were imposed in July and August but have been eased from this month as the Southeast Asian country tries to support a struggling economy.

 

The Thai Chamber of Commerce's consumer confidence index fell to 39.6 in August from 40.9 in July, also dented by political uncertainty amid growing anti-government protests.

 

However, consumers hoped the economy would recover in future after the easing of outbreak curbs, university president Thanavath Phonvichai told a briefing.

 

"We have seen no direction of whether confidence will improve, but people have more hope for the future," he said, adding more vaccines expected later this year together with a decline in infections were positive factors.

 

The economy should show signs of recovery after the relaxation of restrictions, helping bolster consumer confidence, Thanavath said.

 

Southeast Asia's second-largest economy is now expected to expand 0% to 2% this year, better than a previous forecast of 0% growth to a 2% contraction, Thanavath said.

 

The economy shrank 6.1% last year, its deepest slump in over two decades, with tourism devastated by the pandemic.

 

Earlier on Thursday, Deputy Prime Minister Supattanapong Punmeechaow said the economy should grow

this year and picking up pace in 2022.

 

(Reporting by Kitphong Thaichareon and Satawasin Staporncharnchai; Writing by Orathai Sriring; Editing by Martin Petty)

 

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-- © Copyright Reuters 2021-09-09

 

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[Scrotobike]

Oh unexpected it was not.

Who can be confident with the dipsticks running the show?

Covid, and now flooding.

[pegman]

I wouldn't be expecting any uptick anytime soon.

[Isaan sailor]

My piece of advice to the Chamber of Commerce: get the Baht moving in a southerly direction, way south.  It would help exports, and both tourists and expats would spend more.