In December, Thai consumer confidence reached its highest level in 46 months, as reported in a survey conducted by the University of the Thai Chamber of Commerce (UTCC). The increase in consumer confidence is attributed to government measures aimed at reducing living costs and promoting tourism.
The government has implemented various initiatives to support the economy and assist small businesses and individuals with lower incomes. One such program is the digital wallet handout program, which aims to provide financial assistance to eligible individuals. Additionally, there have been calls to cut interest rates in order to stimulate economic activity.
This rise in consumer confidence marks the fifth consecutive month of growth, indicating the potential for further expansion. The prompt implementation of the government’s planned economic policies in the coming year may play a crucial role in sustaining this positive momentum.
The Thai government has set a target of achieving a minimum annual economic growth rate of 5%, with a forecasted growth rate of 2.5% for 2023. These goals align with their efforts to bolster the economy and foster a favorable environment for businesses and consumers.
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