Thailand’s consumer confidence slips in June

Thai consumer confidence dropped for a fourth straight month in June, falling to its lowest level since October last year on concerns over a global slowdown and political uncertainty, according to a survey released on July 11 by the University of the Thai Chamber of Commerce (UTCC).

Shoppers at Chatuchak weekend market (Photo: Bangkokpost)

Consumer confidence index dipped to 58.9 in June, from 60.5 in May, the UTCC said.

Consumers were increasingly worried about a global economic slowdown, rising energy prices, and a prolonged conflict in the Middle East. They were uncertain about whether the economy would recover quickly, especially with political court cases coupled with vague economic stimulus measures by the government, the university stated.

Moreover, the acceptance of a petition from 40 senators seeking to remove Srettha Thavisin as prime minister by the Constitutional Court has increased the prospect of greater government instability.

However, consumer confidence was likely to improve if the government sped up budget disbursements and helped stimulate an economic recovery in the fourth quarter of this year, it said.

The UTCC expects the Thai economy to grow by 2.5% this year./.

VNA