Illustrative photo (Photo: thestar.com.my) Bangkok (VNA) – Thailand’s consumerconfidence increased for the ninth straight month in February thanks torecovering tourism, government stimulus measures, and the baht's weakness.
A report released on March 9 by the University of theThai Chamber of Commerce (UTCC) shows that the consumer confidence index roseto 52.6 in February, up from 51.7 in January.
The February index reached the highest level in thelast three years since the outbreak of the COVID-19 pandemic.
According to UTCC President Thanavath Phonvichai,positive contributors to the increased consumer confidence in Thailand includestimulus measures like the personal income tax deduction scheme “Shop Dee MeeKhuen 2023”, and reduced land tax, construction tax, asset transaction fees, andmortgage registration fee.
Other key supporting factors were a sharp increase inthe number of foreign tourists, and higher prices of many agriculturalproducts, which have led to increased income for farmers and improvedpurchasing power in other provinces, he said, adding that the retail price of gasoline in the country hasstarted to decrease, and the baht has become relatively weak.
However, Thanavath cautioned that negative factorscould affect consumer confidence, such as a slower pace of economic recovery inthe country, a higher cost of living, falling exports, and existing concernsabout the Russia-Ukraine conflict that may affect global oil and energy prices,and then push the production costs of goods.
Thanavath said that the Thai economy has shown signsof continuous recovery, as evidenced by sales of personal cars and motorcycles.
Meanwhile, consumer confidence has not improvedsignificantly and is still below 60 because of the concern that the signs ofeconomic recovery are decreasing from the lower-than-expected export figuresand the latest GDP figures, he said./.
