Thailand’s April CCI increases for 11 consecutive months

Thailand’s April CCI increases for 11 consecutive months (Photo: nationthailand.com)

Bangkok (VNA) - Thailand’s Consumer Confidence Index (CCI) in April increased for the 11th consecutive month, hitting the highest in 38 months, thanks to positive factors like a surge in tourism and election campaigns.

University of the Thai Chamber of Commerce (UTCC) has revealed that a survey of 2,238 respondents across the country showed that the CCI had risen to 49.4 in April from 48 in March.

The index showed a particular surge in two key aspects – job prospects and future income – rising to 52.0 and 63.6, respectively from March’s numbers of 50.9 and 62.5.

UTCC president Thanawat Phonwichai said that the respondents considered the increase in foreign tourists in April as a positive sign of recovery. The number of tourists to Thailand jumped sharply from late January after China removed its travel restrictions.

Besides, he said that campaigns for the May 14 election also helped boost the economy as political parties rallying for votes across the country helped generate up to 60 billion THB (nearly 1.8 billion USD).

The promises made by electoral campaigns also helped boost people’s confidence, subsequently increasing their spending for about one to two months, the official added.

He acknowledged that another factor contributing to the increase in CCI was the slight drop in fuel prices, which eased people’s worries about the cost of living.

However, he also cautioned that the Thai economy will face negative factors such as rising electricity bills, global economic conditions, the ongoing Russia-Ukraine conflict, PM2.5 air pollution, and the Finance Ministry’s downward adjustment of the 2023 GDP estimate from 3.8% to 3.6%./.