Consumer Confidence Rises After New Government Formation

[snoop1130]

 

BANGKOK (NNT) - Consumer confidence in Thailand saw an improvement in August following the swift formation of the new government, according to the University of the Thai Chamber of Commerce (UTCC).

 

The consumer confidence index rose to 56.9 from 55.6 in July, rebounding from the first decline in 14 months. The UTCC said the appointment of Srettha Thavisin as the new prime minister and the apparent easing of political divisions contributed to increased consumer confidence.

 

However, the overall consumer confidence index remains below 100, indicating concerns about the slow economic recovery, high living costs, and rising interest rates. These factors have affected domestic spending, tourism, exports, general business activities, and job prospects. Consumers are particularly worried about the cost of living, including electricity bills, and the uncertain global economic situation.

 

The UTCC noted that the upward adjustment of interest rates in various countries to combat inflation could further pressure global economic recovery, impacting exports and consumer purchasing power. Nevertheless, there is potential for consumer confidence to improve if the new government can swiftly implement economic stimulus policies promised during its election campaign.

 

The recent reductions in electricity and diesel prices are expected to ease the cost of living for the public and reduce transportation expenses for businesses. This may mitigate inflationary pressures and reduce the need for the Bank of Thailand to adjust its policy rate. These measures are anticipated to contribute to a potential 1% increase in economic growth in the fourth quarter of the year.

 

By Krajangwit Johjit

 

Full story: NNT 2023-09-15

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

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[retarius]

I have to say, I was hoping that the stalemate in the government would blow up the exchange rate for the baht. I need a break.

[Enzian]

4 hours ago, retarius said:

I have to say, I was hoping that the stalemate in the government would blow up the exchange rate for the baht. I need a break.

What do you mean? The baht is at the lowest range it has been since last November. My CC charges look cheap. Yesterday I moved US$5K and whichever bank did the conversion gave me a relatively decent 35.3; I wish I'd done more, but who knows where it will go in the next 2-3 months.

Speaking of confidence, and that photo, I'm confident those bags didn't have to look so fake, and that the model should have been assigned short shorts.

Edited September 15, 2023 by Enzian
clarity

[webfact]

Thai consumer confidence surges as new government takes charge, but high living costs cast a shadow
by Alex Morgan 

 

Photo by Marek Okon on Unsplash.

 

Last month saw a rise in consumer confidence following the swift establishment of a new government, although concerns about the high cost of living and the sluggish global economy remain. The University of the Thai Chamber of Commerce (UTCC) revealed that the consumer confidence index rose to 56.9 from 55.6 in July.

 

This uplift was attributed to the easing of concerns over delays in the formation of a new government and political stability.

 

Thanavath Phonvichai, president of the UTCC, said that consumers are regaining confidence in the new government’s ability to boost economic recovery, particularly following Srettha Thavisin’s appointment as the 30th prime minister of Thailand.

“The overall political situation in Thailand appears to be stabilising as political divisions seem to be easing leading to increased consumer confidence across the board.”

 

Full story: The Thaiger 2023-09-16

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

Get our Daily Newsletter - Click HERE to subscribe

[2baht]

Did the 90% household debt rate a mention? Where is the money coming from?

[RichardColeman]

4 hours ago, webfact said:

Last month saw a rise in consumer confidence following the swift establishment of a new government,

Laughable sentence

[Thaddee]

How swift was it ? 3 months of horse trading and undercover negotiations for Thaksin return