Thailand’s consumer confidence slumped to a 21-year low in April as the public remained worried about the poor economy, unemployment and future income because of the COVID-19 pandemic.

Illustrative image (Photo: Ashton Hawks)

The University of the Thai Chamber of Commerce (UTCC) reported on May 8th that the consumer confidence index (CCI) fell to 47.2 last month from 50.3 in March. This was the 14th straight monthly decline and the lowest level since October 1999.

 

Thanavath Phonvichai, President of the UTCC, said economic conditions are at a critical level and consumer spending is unlikely to recover for at least 3-6 months until the pandemic is under control, all business sectors are allowed to reopen and the government's stimulus measures produce concrete results for the economy.

He said the lower confidence stems from consumers' expectation that the economy will fall into a depression with weakened domestic purchasing power, tourism, exports and employment.

The farm sector remains stunted by drought, while farm prices are still relatively low, Thanavath said.

The university estimates that the pandemic will cause damage of up to 1.5 trillion THB (46.8 billion USD) in the first half of the year, including 700 billion THB in lost tourism revenue, 300 billion THB from lower private consumption and the rest from lower exports and border trade.

The recent easing of measures for certain businesses by the government is estimated to result in up to 3 billion THB in added spending per day, Thanavath said.

Starting on May 3rd, the government allowed outdoor markets, barbershops and pet groomers to start reopening after new daily coronavirus cases dropped into the single digits.

The curfew and a ban on alcohol sales will remain until the end of May.

Thanavath said that if the government goes through with further easing on May 17th, an additional 6-8 billion THB in daily spending is expected./.

 

Source: CPV

Related Topics


Vietnam elected Vice President of UNESCO General Conference

Vietnam was elected a Vice President of the 42nd session of the UNESCO’s General Conference, representing the Asia-Pacific, on November 8.

Safe and responsible use of AI promoted

Since the "blockbuster" ChatGPT was launched a year ago, the prospects for the development of artificial intelligence (AI), as well as concerns about the risks from this technology, have become hot topics in the technology world.

Successfully completing the training program to improve the capacity of implementing the Government’s policy in Korea

(HBO) - From September 12 - 23, in Seoul, South Korea, the Korea International Cooperation Agency (KOICA) organized a training program under the project "Supporting the Academy of Journalism and Communication to improve the the capacity of implementing the Govermmment’s policy” in phase 2 with the coordination and the coordination of Hyundai Research Institute (HRI).

KOICA fellowship programme 2023 opens in Republic of Korea

(HBO) – The Korea International Cooperation Agency (KOICA) opened a fellowship programme in Seoul on September 13 under Phase 2 of a project that helps Vietnam’s Academy of Journalism and Communication (AJC) enhance its capacity of implementing government policies.

Dialogue, consultation and international laws crucial in international relations: Official

Vietnamese Deputy Minister of Foreign Affairs Do Hung Viet on September 4 attended the ASEAN Foreign Ministers’ Meeting in Jakarta, Indonesia, emphasising the bloc’s role as the epicentre of peace, security, cooperation and prosperity in the region.

ASEAN launches negotiations on digital economy framework agreement

Negotiations on the ASEAN Digital Economy Framework Agreement (DEFA) have been kicked off within the ASEAN Economic Community Council (AECC)’s 23rd meeting in Jakarta, demonstrating the strong cooperation among ASEAN member countries in promoting digital economic transformation in the region.