BANGKOK, Jan 10 (TNA) – The consumer confidence index was at 68.3 in December, the lowest level in 68 months from May 2014, as consumers were concerned about the economic slowdown, according to the University of the Thai Chamber of Commerce (UTCC).
UTCC president Thanavath Phonvichai said the index fell from 69.1 last November because consumers felt that the economic recovery remained slow although employment improved and farm prices increased.
Drought and the increasing oil price also affected consumers’ confidence, he said.
The drought was the severest in a century in some areas and without off-season rice cultivation, farmers’ income would drop by 7-10 billion baht, Mr Thanavath said.
However, he pointed out that the economy could pick up in the second half of this year because government spending from the 2020 budget should enter the economic system in June and there would be an auction for 5G communication frequencies, which would lead to investments.
People’s spending would slow down until the middle of the second quarter this year, Mr Thanvath said. (TNA)
