Flood drags down October consumer confidence to 10-year low: UTCC

0
493

BANGKOK, Nov 10 – Thailand’s consumer confidence index regarding the overall economy in October slumped to 62.8 from 72.2 in September, hitting its lowest level since Nov 2001 due to the ongoing flood crisis as well as the European debt crisis, according to a survey by University of Thai Chamber of Commerce (UTCC) Economic and Business Forecasting Center.

Thailand’s consumer confidence indices on job opportunities and future income in October dropped to 63.7 and 90.9 from 73.0 and 100.3 in September respectively.

The indices in all categories lower than usual indicated that Thai consumers remained greatly uncertain about the overall economic situation, and job opportunities, as well as future income after the country’s worst flooding in decades.

In addition, the centre forecast that consumption is likely to gradually slow down in the fourth quarter through mid-first quarter in 2012 due to concerns over flood-induced economic impacts, high cost of living and volatile global economy.

The centre assessed that if the government speeds up its post-flood economic rehabilitation plan and applies it, it will help boost and regain consumer confidence quickly.