The Centre for Economic and Business Forecasting of the University of the Thai Chamber of Commerce has announced that the country’s Consumer Confidence Index  in April rises to the highest level in 40 months. (Photo: thainews.prd.go.th)

Bangkok (NNT/VNA) - The Centre for Economic and Business Forecasting of the University of the Thai Chamber of Commerce (UTCC) has announced that the country’s Consumer Confidence Index (CCI) in April rose to the highest level in 40 months after a minimum wage rise. 

Director of the centre Thanawat Polwichai disclosed that the Consumer Confidence Index in April rose for two consecutive months to 80.9, the highest figure since January 2015. 

The minimum wage rise, export as well as tourism growth are said to have contributed to the higher CCI last month. Despite these positive factors, the index still remains 100 below the standard due to low prices of farm goods and a stronger baht. 

In the next six months, the centre forecasts that the index is likely to reach 91.9, bringing it to the highest level in 61 months as consumers have more confidence in the economy and that there are no negative factors in sight. 

Thanawat added the government spending, the minimum wage rise and an increased amount of money being allocated to the social welfare cards could increase economic growth in the second half of this year by up to 4.6 percent. This will also bring the country’s entire year growth to 4 percent, making it the highest in five years.-VNA