Pessimism grows among Thai CEOs
Nearly half of listed companies' leaders believed that the economic condition would deteriorate in the latter half of this year, according to a survey by the Stock Exchange of Thailand.
Forty six per cent of leaders of 108 companies foresaw the deterioration, representing the sharp contrast to the previous survey when 59 per cent of CEOs expected the U-shape recovery.
The Bank of Thailand has cut the 2015 growth forecast from 4 per cent to 2.7 per cent, while the Office of National Economic and Social Development Board lowered the projections from 3.5-4.5 per cent to 2.7-3.2 per cent.
While fiscal policies and public spending are believed to shore up the economy, the CEOs highlighted several challenges to the economy. Domestic purchasing power remained their top concern. While they expected recovery in the global economic condition, the CEOs foresaw the deterioration in household debt and political stability.
Asked about the outlook of their respective industries, 62 per cent of the CEOs did not expect any change or expect it to get worse. In the previous survey, the ratio was only 35 per cent.
