Thai consumer confidence at 20-month high in November | Inquirer Business

Thai consumer confidence at 20-month high in November

/ 01:05 PM December 08, 2022

BANGKOK  – Thai consumer confidence rose for a sixth straight month in November, reaching a 20-month high, boosted by improved economic activity and higher foreign tourist arrivals, but high costs of living remain a worry, a survey showed on Thursday.

The consumer index of the University of the Thai Chamber of Commerce rose to 47.9 in November from 46.1 in October.

A steady rise in all confidence indices showed that consumers were more confident that Southeast Asia’s second-largest economy had started to recover, it said.

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The economy is expected to grow 3.2 percent to 3.3 percent this year, and 3.5 percent to 4 percent next year, university president Thanavath Phonvichai told a briefing.

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“Spending during the new year should be close to normal, at about 100 billion baht ($2.88 billion),” he said.

The economy will continue to be driven by the vital tourism sector, which should see 10 million foreign tourist arrivals this year and at least 20-22 million next year, he said.

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In pre-pandemic 2019, there were nearly 40 million foreign tourists who spent 1.91 trillion baht.

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Thailand’s election by May next year is expected to see at least 40 billion baht in spending, adding to economic growth of 0.2 to 0.3 percentage point, Thanavath said.

($1 = 34.77 baht)

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