UTCC reports low consumer confidence due to slow economic growth

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BANGKOK, 8 May 2015 – The Consumer Confidence Index has fallen to 76.6, its lowest level in ten months.

University of the Thai Chamber of Commerce’s Economic and Business Forecasting Center (EBFC) Director Thanawat Polvichai said a recent survey has revealed that consumers are reluctant to spend despite stabilized market prices, or even reduced prices in the case of agricultural goods.

The survey has also indicated that a sluggish economy and stronger baht have contributed to low export growth. Mr. Thanawat said that levels of consumer spending are expected to be relatively similar in the second quarter of fiscal 2015.

He urged the Bank of Thailand to consider revising the interest rate policy if the inflation rate continues to decline until June. The EBFC chief also called for more public investment.

The center has forecast that the Thai economy will expand by 3.0-3.5% and export sector by 0.4%.