The University of the Thai Chamber of Commerce (UTCC) reported that the consumer confidence index rose to 52.4 in November thanks to tourism and economic stimulus measures from the government among other factors.
UTCC president Thanavath Phonvichai said the index rose from 50.9 in October. The increase happened for the second consecutive month and the November index was at its highest level in nine months since March, he said.
Mr Thanavath attributed the rise to the less decline in the economic recession this year, the economic recovery of trading partners, the policy rate that was maintained at 0.5% and government measures to boost people’s spending.
However, he said, the index that remained below 100 showed that consumers were still worried about local economic and political situations.
Risk factors were Covid-19 situations, high cost of living, high goods prices, fluctuating exchange rates and upcoming drought, he said.
Mr Thanavath said UTCC’s Center for Economic and Business Forecasting predicted the Thai economy would grow by 3.5-4.5% next year. (TNA)