Tuesday, January 21, 2020

Consumer confidence sags for fifth consecutive month

Aug 08. 2019
Thanawat Polvichai, director of the Centre for Economic and Business Forecasting at UTCC
Thanawat Polvichai, director of the Centre for Economic and Business Forecasting at UTCC
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By THE NATION

The consumer confidence index in July slumped to its lowest level in 22 months, the University of Thai Chamber of Commerce (UTCC) revealed on Thursday (August 8).

Consumer confidence has dropped continuously for five months due to several negative factors, including the trade dispute between the US and China and high concerns about the local political situation.

Thanawat Polvichai, director of the Centre for Economic and Business Forecasting at UTCC, said that the index in July stood at 75.0, down for the fifth consecutive month, and was the lowest in 22 months since October 2017. The consumer confidence index to the economy dropped continuously for five months and was the lowest in 214 months, or 17 years and 10 months, while the consumer confidence index to the political situation declined continuously for five months and was the lowest in 63 months since 2014.

He said that the key factors affecting the decline in the consumer confidence were the slow rebound of the economy, the trade dispute between the US and China, local political situation, the lower prices of agricultural products, concerns of drought, and the recent blasts in Bangkok.

"The index dropped for all items, reflecting the fact that the overall economy is still not rebounding, making people cautious in how they spend money.” He said this was witnessed in all the quarters this year. The new government should have a concrete plan to stimulate the economy, as well as relax its monetary and fiscal policies, looking after people's cost of living and take care of the baht," said Thanawat.

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