Thai consumer confidence dips due to political instability and slow recovery

[snoop1130]

 

Reports today reveal that last month Thai consumer confidence dramatically dropped for the first time in 14 months. Evidence pointed towards the general unease of continuous political instability in the Kingdom of Thailand after the General Election took place in May, as well as a sluggishly recovering economy.

 

The survey, helmed by the esteemed University of the Thai Chamber of Commerce (UTCC), showcased a diminished consumer index for July, standing at 55.6 compared to June’s reading of 56.7.

 

The university highlighted the prevalent concerns amongst consumers with regard to the ambiguous situation surrounding the formation of a fresh government body. Stability was a major concern as well. Additionally, issues related to the high cost of living continue to burden the Thai people.

 

Thailand has continued to grapple with ambiguity post-election, with the Move Forward Party (MFP), notwithstanding their win, being thwarted twice by the resistance of conservative and pro-military factions in their attempts to form a government.

 

Last week provided a significant boost for the Pheu Thai Party, which was the second-largest party in the May 14 General Election. It received newfound support from the Chartthaipattana Party, marking the ninth party to join its aspiring alliance.

 

By Alex Morgan

Caption: Photo by Florian Wehde on Unsplash

 

Full Story: https://thethaiger.com/news/business/thai-consumer-confidence-dips-due-to-political-instability-and-slow-recovery

 

-- © Copyright Thaiger 2023-08-11

 

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[RichardColeman]

15 hours ago, snoop1130 said:

vidence pointed towards the general unease of continuous political instability in the Kingdom of Thailand after the General Election took place in May,

I'm guessing the headline 'Thailand shoots itself in the foot again !!' was already taken for the day  or used to much peviously

[racket]

The European Union has already entered a recession, and it's anticipated that the United States will also experience a severe economic downturn in the coming year. Therefore, this situation should be viewed as a worldwide occurrence, and it might not be entirely accurate to attribute it solely to "political instability."