BANGKOK, June 21 (NNN-TNA) – Thailand’s Consumer Confidence Index dropped to the 15-month low, 47.4 points, in May due mainly to local political uncertainty and US-China trade war.
The University of Thai Chamber of Commerce’s Center for Economic and Business Forecasting reported on Thursday that the confidence index among 370 samples dropped further from 47.8 in April to 47.4 in May.
Thanavath Phonvichai, director of the Center, said, the decline reflected concerns over the slow government coalition formation and the stability of the next administration.
The survey also shows worries over low agricultural product prices and exports, he said.
Local negative factors had been compounded with global economic uncertainties amid the escalating trade war, Thanavath said.
Nonetheless, after the new government was installed, as expected, next month the Center foresaw new economic stimulants injected billions of baht into the economy, he said.
With steady growth of the tourism industry and improved crop prices in the latter half of this year, the Center projected Thai economy to grow 3.5 percent in 2019, said Thanavath.
A new Cabinet to be sworn in next month is facing a challenge to restore confidence and speed up budget disbursements for various development projects.
(NNN-TNA)
