Bangkok (VNA) – The September consumer confidence index (CCI) in Thailand rose for the first time in eight months, as consumers are optimistic about the local government's economic stimulus measures, according to the University of the Thai Chamber of Commerce (UTCC).
As reported by Bangkok Post, Thanavath Phonvichai, President of UTCC, said the CCI increased from 50.1 in August to 50.7 in September, fuelled by positive reactions to the new cabinet ministers.
The 'Khon La Khrueng Plus' co-payment scheme boosted consumer confidence, despite the Thai economy not having grown significantly, he said. This should encourage consumer spending, reflecting the positive reception for government policies.
However, the CCI remains below 100 points, indicating that consumers see a slow economic recovery amid high living costs, said Thanavath. Concerns about the trade war could potentially undermine consumer sentiment in the near term, he said.
He said he expects improvements in the economy in the fourth quarter when the co-payment scheme becomes effective in November and December. This initiative could inject 50-80 billion THB (1.53-2.45 billion USD) into the economy, potentially boosting GDP by 0.4-0.5 percentage points this year.
The UTCC upgraded its Thai GDP growth projection to 2% for 2025, up from 1.7% previously, while predicting an export growth of 6.1%, rising from 2.5%./.
Thai consumer confidence hits lowest level in over two years
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
