Thai Consumer confidence index rises for 4th consecutive month

UTCC President Thanavath Phonvichai said that the CCI in September was 44.6, up for the fourth month in a row. The indicator has reached its highest level in eight months.

BANGKOK, Thailand (NNT) –The University of the Thai Chamber of Commerce (UTCC) has calculated the economic impact of Thailand’s massive floods.

The university predicts 12-20 billion baht in damages, with a 1-1.5% effect on GDP.

Meanwhile, the consumer confidence index (CCI) rose for the fourth month in a row in September.

The Thai consumer index (CCI) has reached its highest level in eight months.

UTCC President Thanavath Phonvichai said that the CCI in September was 44.6, up for the fourth month in a row. The indicator has reached its highest level in eight months. Dr. Thanavath stated that the key reason for the improvement was customers’ optimism about the economy improving as a result of the Covid crisis being resolved.

At the same time, the relaxation of Covid restrictions has made it easier for international visitors to enter Thailand. The price of benzene has also dropped dramatically from its high in the first part of the year.

Worrying about the high expense of living

Nonetheless, Dr. Thanavath stated that customers are concerned about rising living costs and the Russia-Ukraine conflict. Consumers are also concerned about the increasing adjustment of policy interest rates in several economies. According to him, these issues may force Thailand’s economy to expand less than the goal range of 3.0-3.5%.

The signs of economic recovery are still shaky.

According to the UTCC president, economic recovery indications are still shaky. As a result, the government must step in to address flood damage, subsidize energy costs, and regulate interests. The state would also need to limit company production costs from growing to the point where they risk business recovery.

According to the UTCC, recent extensive floods in Thailand may result in economic damages ranging from 12 to 20 billion baht. This will have a 1% to 1.5% impact on GDP.

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