Thai Consumer Confidence Hits 17-Month Low in September

[webfact]

 

Thai consumer confidence has hit a 17-month low, marking a seventh consecutive month of decline as concerns about sluggish economic growth and severe flooding cast a shadow over the outlook. This info was unveiled today, October 10, by the University of the Thai Chamber of Commerce.

 

The university's latest survey reveals that their September consumer index fell to 55.3, down from 56.5 in August. The economic challenges are weighing heavily on consumer sentiment, despite recent government efforts to inject life into the economy with handouts for vulnerable populations.

 

Flooding has become a significant concern, having not only disrupted daily life but also dampened optimism, overshadowing positive impacts of government initiatives. University President Thanavath Phonvichai indicated that these natural disasters have exacerbated the public’s economic worries, limiting the positive impact of financial aid schemes.

In response, the Thai government announced the first phase of its substantial 450 billion baht (approximately $14 billion) stimulus handout plan. Launched last month, this initiative aims to rejuvenate economic activity by providing around 45 million people with a 10,000 baht ($298) cash boost to spend within six months.

 

The rollout began with over 14.5 million welfare card holders and disabled individuals receiving their cash payments. This scheme is designed to act as a catalyst for economic revitalisation in Southeast Asia’s second-largest economy, which reported a modest growth of 2.3% in the second quarter of 2024.

 

The central bank maintains a conservative forecast of 2.6% growth for the year, following a 1.9% growth rate in 2023 that lagged behind other regional economies. With uncertainty looming, the Thai government hopes this injection will steer the economy back on track, reported Reuters.

 

Picture courtesy: Thailand Business News

 

-- 2024-10-11

 

[mdr224]

Looks like the stimulus didnt work. Everyone spent the 10000 on booze

[GammaGlobulin]

I did not receive any money from the gov.

 

But, yet, I am still spending LARGE....

 

I have enough confidence to continue spending for...about....

 

Two more months.

 

[Tropicalevo]

4 hours ago, mdr224 said:

Looks like the stimulus didnt work. Everyone spent the 10000 on booze

Or replacing flood damaged stuff.