BANGKOK, Nov 7 (TNA) — Consumer confidence index fell for eight months in a row and was at its lowest level in 40 months last month due to many factors, according to the University of the Thai Chamber of Commerce (UTCC).
Thanavath Phonvichai, UTCC’s director for economic and business forecasting, said the consumer confidence index dropped to 70.2 in October as consumers were worried about the trade war between China and the United States, the US’s suspension of its tariff privileges for some Thai exports, Thai political uncertainties, and the low prices of farm products including rubber and oil palm nuts.
Besides, the index for consumers’ confidence in the overall economy, job opportunities and future income fell to 57.9, 67.0 and 87.3 respectively. Although the government implemented a farmers’ income insurance scheme, its effects would be temporary and consumers were too reluctant to spend, Mr Thanavath said.
The farmers’ income insurance scheme and recent cash giveaway initiatives of the government had not injected adequate money into the national economy. Additional economic stimulus measures worth 25-30 billion baht within this year would be enough to restore purchasing power, Mr Thanavath said.
He commented that the economic growth next year should be less than 3% and people were worried about unemployment regarding continuous reports on layoffs. (TNA)
