Consumer confidence in Thailand experienced an uptick in August attributed to the establishment of a new government, thereby mitigating political divisions. Nonetheless, persisting concerns surrounding a sluggish economic recovery, elevated living expenses, and mounting interest rates continue to exert an influence on consumer expenditure, tourism, and employment prospects.
The potential for an upturn in economic growth during the fourth quarter of the year is contingent upon the successful execution of economic stimulus policies, coupled with recent reductions in electricity and diesel prices. These measures are poised to alleviate the cost of living and potentially bolster economic expansion.
The Consumer Confidence Index rebounded to 56.9 after a preceding month’s decline. However, apprehensions persist concerning the protracted economic recuperation, elevated living costs, and surging interest rates, all of which have ramifications for domestic spending, tourism, exports, commercial activities, and employment opportunities. Notably, consumers remain apprehensive regarding the cost of living and the uncertain global economic landscape.
The University of the Thai Chamber of Commerce (UTCC) suggests that the expeditious implementation of economic stimulus policies by the new government may elicit an enhancement in consumer confidence. Recent reductions in electricity and diesel prices are anticipated to alleviate the cost of living, thus fostering the potential for economic growth in the upcoming fourth quarter of the year.
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