The consumer confidence index (CCI) for Thailand increased in June for the first time in six months, buoyed by emerging signs of economic recovery due to the continued easing of Covid-19 control measures and improved business activities.
Thursday, July 7th, the University of the Thai Chamber of Commerce (UTCC) reported that the CCI rose from 40.2 to 41.6 in June. April’s rate was 40.7, March’s was 42, February’s was 43.3, and January’s was 44.8.
A purchasing power index below 100 indicates a sluggish economic recovery and weak purchasing power.
UTCC President Thanavath Phonvichai stated that there are emerging signs of economic recovery following the end of mandatory pre-travel registration for foreigners and the extension of bar and pub service hours earlier this month.
The university predicts a growth rate of 5 to 7 percent for this year, while the number of foreign tourists is expected to increase to 6 to 8 million per month in the second half of 2022, stimulating economic growth by an average of 3.1 percent, or a range of 3.5 to 4.5 percent.
The UTCC also forecast that the baht’s value would remain between 36 and 36.5 baht per U.S. dollar over the next one to three months, before hovering between 35 and 36 baht per dollar in the fourth quarter. (NNT)