Thai consumer confidence in June continued to pick up but people are weary of a second wave of coronavirus infection, according to the University of the Thai Chamber of Commerce (UTCC).
After the Consumer Confidence Index (CCI) improved for the first time in over a year in May, the index rose further to 41.4 in June.
Advisor to UTCC’s Centre for Economic and Business Forecasting Thanavath Pholvichai said the sentiment improved since the government had begun to relax restrictions to cope with the pandemic.
Helped by government stimulus measures, consumers in the survey showed their confidence in the economic outlook, he said.
Despite the upticks in the past two months, the index remained low. Consumer spending would likely slow down for at least three to six months until the outbreak situation significantly subsided and normal economic activities resumed, Thanavath said.
The Centre predicted the Thai economy to shrink 8–10 percent this year, he added. (TNA)