Rice for sale at a supermarket in Bangkok, Thailand. (Photo: AFP/VNA)Bangkok (VNA) – Thailand’s consumer confidence rose47.9 points in November, hitting a 20-month high and marking a rise for sixstraight months, thanks to improved economic performance, an increasing number of foreignvisitors and declined petroleum prices.
Data released by the University of Thai Chamber of Commerce(UTCC) announced on December 8 showed that Thailand’s consumer index rose 47.9 points inNovember from 46.1 points in October.
UTCC President Thanavath Phonvichai said that Thai consumersfelt the country’s economic recovery as fewer COVID-19 infections are reported,the disease control and prevention measures are loosened, facilitating theresumption of economic activities.
As more foreign tourists arrive in the country, more money iscirculated in the economy and more transactions are done, he said.
However, Thai consumers are still concerned about high livingcosts, the impacts of the Russia-Ukraine conflict and increasing interest rates bycentral banks across the world in a bid to curb inflation, which could hinderglobal economic recovery.
Despite negative risks, the Thai economy is believed to berecovering with economic growth reaching 3.2-3.3% this year, imports increasing7.1-7.2%, an inflation rate of 6-6.1% and international arrivals of about 10million.
UTCC forecasts that next year, the Thai economy may grow by3.5-4%, with exports expanding by 2-3% and international arrivals hitting 20-22million, which will help further improve consumer confidence.
According to Thanavath, New Year's events are expected to cost100 billion THB (2.87 billion USD), roughly equal to 120-130 billion THB spentfor such events before the COVID-19 outbreak.
He also said that the general election in Thailand takingplace in the second quarter of next year will likely generate at least 40billion THB in spending, contributing 0.4-0.6 percentage points to its 2023economic growth./.
