Thailand’s consumer confidence reaches 45-month high

Bangkok (VNA) - Thailand's consumer confidence rose for a fourth straight month in November, hitting the highest level in 45 months, driven largely by the government's policies to reduce the cost of living and economic stimulus measures.

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 the consecutive improvement in consumer confidence is attributable to people regaining trust following the formation of the government, measures to reduce the cost of living, and myriad stimulus policies such as electricity and fuel subsidies introduced by the new administration.

Despite the improvement, the confidence index is still below the fulcrum of 100, indicating that consumers are not entirely confident 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 economic recovery 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 a tax refund scheme for shopping and the government's policy to address unorganised loans.

The Thai cabinet on December 4 approved a tax refund scheme for shopping to stimulate domestic spending early next year and promote wider use of electronic invoices./.

VNA