Rice for sale at a supermarket in Bangkok, Thailand. (Photo: AFP/VNA) According to a report released by the University of the Thai Chamber of Commerce(UTCC) on December 7, the consumer confidence index rose to 60.9 in November,up from 60.2 in October, 58.7 in September, 56.9 in August and 55.6 in July.
Thanavath Phonvichai, president of the UTCC said theconsecutive improvement in consumer confidence is attributable to peopleregaining trust following the formation of the government, measures to reducethe cost of living, and myriad stimulus policies such as electricity and fuelsubsidies introduced by the new administration.
Despite the improvement, the confidence index isstill below the fulcrum of 100, indicating that consumers are not entirelyconfident about the economic situation, job opportunities and future income, Thanavath said.
Concerns persist regarding political stability,energy prices and global economic risks, which may delay Thailand's economicrecovery and job creation in the future, leading to uncertainty in consumer income,he noted.
The UTCC forecast the country’s GDP to grow by 3-3.5% next year, helped by atax refund scheme for shopping and the government's policy to addressunorganised loans.
The Thai cabinet on December 4 approved a tax refundscheme for shopping to stimulate domestic spending early next year and promotewider use of electronic invoices./.
VNA
