Thailand: consumer confidence hits 26-month high

Illustrative image (Photo: https://www.kaohooninternational.com/)

Bangkok (VNA) - Thailand's consumer confidence index (CCI) rose to the highest level in 26 months in January, driven by the economic recovery, a surge in foreign tourist arrivals and the easing of the COVID-19 pandemic, according to the University of the Thai Chamber of Commerce (UTCC). 

Statistics reported by the UTCC on February 9 show that the CCI increased for the eighth straight month in January, tallying 51.7, up from 49.7 in December.

UTCC President Thanavath Phonvichai said consumers felt the overall economy has improved with the rapid recovery of tourism, especially Chinese visitors returning faster than expected, and the easing of domestic COVID-19 outbreaks.

According to Phonvichai, the rise in consumer sentiment was also attributed to the government's array of stimulus measures offered as "New Year gifts" to Thais, including the "Shop Dee Mee Khuen" tax rebate scheme, under which consumers can claim up to 40,000 THB in tax deductions for goods and services purchased between January 1  and February 15.

The UTCC forecasts economic growth of 3.5-4% this year, driven by an anticipated surge in foreign arrivals, especially those from China, along with a general election slated for the second quarter.  

It expects the election to generate 50 billion THB in spending, raising economic growth by 0.3 percentage points./. 

VNA