Thai consumer confidence index rises in November
Source: Xinhua | 2020-12-04
Thailand's consumer confidence index rose to 52.4 in November thanks to the economic stimulus measures rolled out by the government to ease a grim economy gripped by COVID-19, an academic institution reported on Thursday.
"The index rose from 50.9 in October to 52.4 in November. The increase had occurred for the second consecutive month," said Thanavath Phonvichai, president of the University of the Thai Chamber of Commerce (UTCC).
Thanavath also added that November saw the highest level of confidence index in nine months.
Thanavath attributed the rise to a softer economic recession this year, as well as the gradual economic recovery after the pandemic blow and the Bank of Thailand (BoT)'s policy rate reining at an all-time low of 0.5 percent, as well as economic stimulus measures to boost domestic spending.
The economics expert also said that despite the confidence index rising, it still has remained low as the Thai people express concern over an economy that appears slow to pick up, as air restrictions have hampered the arrival of tourists.
"Tourism and exports have always been Thailand's two main sources of revenue, with the present COVID-19 situation and with very little tourists, the Thais in general are very careful in spending," said Thanavath.
Thanavath forecast the Thai economy will grow by 3.5 to 4.5 percent next year.
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