BANGKOK, Aug 9 (TNA) – The Modern Trade Sentiment Index fell to its lowest point in three years on the heavy impacts of COVID-19.
Thanavat Phonvichai, President of the University of the Thai Chamber of Commerce, said the Modern Trade Sentiment Index in the second quarter of this year was at 45.3 which was its lowest level in three years.
He said that the index dropped for the third consecutive quarter after its decline had started in the fourth quarter last year.
The index was likely to decline further in the third quarter of this year as business operators lacked confidence due to the uncontrolled COVID-19 situation, low vaccinations among people and lockdown measures in 29 provinces of economic significance in the country. Production in the 29 provinces formed 78% of the gross domestic product of the country, Mr Thanavat said.
Besides, increasing household debts reduced people’s spending and thus affected sales and the number of customers in the retail sector dropped. Past economic damage was estimated at about 270 billion baht and lockdown measures in 29 provinces would increase the damage by 400-500 billion baht a month, Mr Thanavat said. (TNA)
