Consumer Confidence Plummets To An Abysmal Rate In Decades

[webfact]

Consumer Confidence Plummets to an Abysmal Rate in Decades

The consumer confidence index in Thailand plummeted to a 10-year record low due to the flood crisis's impact on many sectors.

A survey by the Economic and Business Forecast Center at the University of the Thai Chamber of Commerce or UTTC shows a steep decline in the consumer confidence index for three consecutive months, from 72.2 in September to 62.8 in October, the lowest figure since November 2001.

UTTC's Vice President for Research, Saowanee Thairungroj said the current floods have caused damage to the public sector, the agriculture and trade sectors, including industrial parks.

She estimated that the crisis has already cost around 350 billion baht in overall damages, or 3.1 to 3.4 percent of the Growth Domestic Product, but the figure could rise to 450 billion if the floods strike Bang Chan and Lad Krabang industrial estates and all Bangkok districts.

The center's Director, Thanawat Polwichai, said the floods will cause an economic slowdown which should be clearly seen in the 4th quarter of this year, and the growth will be around 1.5 to 2.5 percent.

Thanawat commented that next year's economy could expand 4 or 5 percent if the government provides speedy implementation of rehabilitation measures and water management plans.

Meanwhile, the Thai Chamber of Commerce and its members in provinces nationwide are scheduled to hold a seminar in Rayong Province to discuss how to remediate the country through the flood crisis.

People from the public and private sectors will participate in the event to formulate strategic resolutions to deal with the country's problems.

-- Tan Network 2011-11-11

[w11guy]

Misleading headline. It's lowest in a decade not decades. But reporters like making things up to try to scare people. In any case, consumer confidence of 62 is pretty good. If that's as bad as things get then we should all be out celebrating.

Edited November 11, 2011 by w11guy

[geriatrickid]

Still better than the indication in the west lol

[erobando]

Misleading headline. It's lowest in a decade not decades. But reporters like making things up to try to scare people. In any case, consumer confidence of 62 is pretty good. If that's as bad as things get then we should all be out celebrating.

Maybe the title means that it's taken decades of mismanagement to achieve the abysmal rating. It's not that easy to do overnight.

I view the article as somewhat positive, congratulating everyone on reach the level of abysmalness after such a long effort.

[jdinasia]

Wait 'til PTP tries to get their campaign promises going ... and inflation jumps .... things will likely be getting quite a bit worse!

[animatic]

Wait 'til PTP tries to get their campaign promises going ... and inflation jumps .... things will likely be getting quite a bit worse!

Not to mention the expected price gouging causing inflation on top of inflation.

[KKvampire]

I predicted thailand would be a basket case within 20 years because political instability and economic mismanagement before the flood disaster .now the handling of the crisis and its consequences hastens the time

[dduval99]

Ow and the Thai Baht increases is value

[Maverell]

Ow and the Thai Baht increases is value

Or is it the Euro / Pound / USD weakening........

But it all stinks.

[emilyb]

Wait 'til PTP tries to get their campaign promises going ... and inflation jumps .... things will likely be getting quite a bit worse!

Consumer confidence will be irrelevant as everything will be free soon.

[nikster]

"Consumer Confidence Plummets to an Abysmal Rate in Decades"

Is that even a sentence?