Illustrative image (Photo: Ashton Hawks)Bangkok (VNA) – Thailand’s consumer confidence slumped to a 21-yearlow in April as the public remained worried about the poor economy,unemployment and future income because of the COVID-19 pandemic.
The Universityof the Thai Chamber of Commerce (UTCC) reported on May 8 that the consumerconfidence index (CCI) fell to 47.2 last month from 50.3 in March. This was the14th straight monthly decline and the lowest level since October 1999.
ThanavathPhonvichai, President of the UTCC, said economic conditions are at a criticallevel and consumer spending is unlikely to recover for at least 3-6 monthsuntil the pandemic is under control, all business sectors are allowed to reopenand the government's stimulus measures produce concrete results for theeconomy.
He said thelower confidence stems from consumers' expectation that the economy will fallinto a depression with weakened domestic purchasing power, tourism, exports andemployment.
The farm sectorremains stunted by drought, while farm prices are still relatively low, Thanavathsaid.
The university estimates that the pandemic will cause damage ofup to 1.5 trillion THB (46.8 billion USD) in the first half of the year,including 700 billion THB in lost tourism revenue, 300 billion THB from lowerprivate consumption and the rest from lower exports and border trade.
The recenteasing of measures for certain businesses by the government is estimated toresult in up to 3 billion THB in added spending per day, Thanavath said.
Starting on May3, the government allowed outdoor markets, barbershops and pet groomers tostart reopening after new daily coronavirus cases dropped into the singledigits.
The curfew and aban on alcohol sales will remain until the end of May.
Thanavath saidthat if the government goes through with further easing on May 17, anadditional 6-8 billion THB in daily spending is expected./.
VNA
