Chairman of the Advisory Center for Forecasting economy and business The University of the Thai Chamber of Commerce stated that the Consumer Confidence Index improved for the 10th consecutive month and was at the highest level in 37 months since March 2020, with consumers feeling that the economy began to improve after the Tourism has clearly recovered from both Thai and foreign tourists. But still worried about the high cost of living that will affect overall income
Assoc. Prof. Dr. Thanawat Phonwichai, President of the University of the Thai Chamber of Commerce and Chairman of the Advisory Center for Forecasting. economy and business The University of the Thai Chamber of Commerce mentioned the results of the Consumer Confidence Index Survey for March. In 2023, the Consumer Confidence Index improved for the 10th consecutive month and reached the highest level in 37 months since March 2020, as consumers felt that the economy began to improve after tourism. There was a clear recovery in both Thai tourism and foreign tourists, especially Chinese tourists who began to travel to Thailand more and more. As a result, more money is circulating in the country and economic activity in various regions. improved Along with the drop in oil prices, people feel relaxed about the cost of living. As a result, the consumer confidence in every item improved significantly.
However, consumers remain concerned about the high cost of living and concerns about the global financial situation. and the war between Russia and Ukraine. as well as raising interest rates to solve inflationary problems of countries around the world, which may increase the pressure of the global economic recovery into a recession. This negatively affected Thai exports, causing exports to contract during this period and negatively affecting the purchasing power of people in all regions.
In addition, the sentiment index about the overall economy Overall Job Opportunity Sentiment Index and future income sentiment index were at 48.0, 50.9 and 62.5 respectively, improving in all items compared to the index in February. at the level of 46.8, 49.9 and 61.2, respectively, indicating that consumers are beginning to have confidence that the Thai economy is recovering The index is still lower than usual (at the level of 100), indicating that consumers are not confident about the economic situation. job opportunities and future income Because there are concerns about rising oil prices and the cost of living. As well as still concerned about the COVID situation in Thailand and around the world that still exists even though it has eased. This will affect the Thai economy and employment opportunities to recover slowly in the future. This will make the future income of consumers highly uncertain.
However, the improvement of the Consumer Confidence Index (CCI) from 52.6 to 53.8, which is an improvement for the 10th consecutive month and is at the level The highest in 37 months since March 2020. However, the fact that the overall consumer confidence index continues to move below the level of 100 indicates that consumers still believe that the overall economic situation is still recovering. Slow from the COVID-19 crisis, high inflation and interest rate hikes in Thailand and around the world. Especially when the war between Russia and Ukraine aggravated. The greater the negative psychological impact on domestic purchasing power. tourism sector, export sector, business in general and future employment There is still a chance to undermine consumer confidence both now and in the near term.
Current consumer sentiment improved from 37.0 to 38.0, the 10th straight improvement and the highest level in 37 months since March 2020. Confidence in the future improved for the 10th straight month and was also at the highest level in 37 months since March 2020. which improved from 60.2 to 61.4, the consumer confidence index continued to improve in all items This is a good starting point that shows that consumers are beginning to believe that the economy is starting to recover. And will start spending more and more respectively in the second quarter of this year
However, it was seen that the election situation that was occurring will be an important variable in reflecting the economic recovery Starting from the money from the election during the campaign, 1-1.2 billion baht, establishing a stable government if it can be established without politics outside the parliament. It is believed that the economy will recover at 3-3.5 percent, depending mainly on the political situation. Because during the 3rd-4th quarter, there may be an economic vacuum. If the government is not established smoothly because budget considerations will be delayed .
Source: Thai News Agency