ID :
9961
Fri, 06/13/2008 - 11:05
Auther :
Shortlink :
https://oananews.org//node/9961
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Consumer confidence index continues to decline in May
Bangkok, June 13 (TNA) – Thailand's consumer confidence index in May
declined in all categories for the second consecutive month upon mounting
concerns over the continued oil price surge, impacts of the sub-prime
lending crisis in the United States, a growing trade deficit, and
political turmoil.
Thanawat Palavichai, director of the University of Thai Chamber of
Commerce (UTCC) Economic and Business Forecasting Center, said the index
on opinions about the political situation dropped to 59.3, the lowest in
five months.
It demonstrated that the public began to worry about the political crisis
in the wake of the ongoing demonstration by the anti-government People's
Alliance for Democracy.
This, coupled with concerns over the oil price crisis, rising trade
deficit, and impact of the sub-prime lending woes, brought down confidence
indexes on the overall economy, job opportunities, and future incomes to
71.8, 71.8, and 92.8 from 73,72.7, and 94 respectively in April.
It resulted in a fall in the consumer confidence index, current and future
confidence indexes to 78.8, 71.1, and 79.2 from 79.9, 72.1, and 80.5
respectively in April.
Currently, he said, no positive factors are seen to encourage or restore
investor confidence. So, it is necessary for the government to more
quickly find solutions to a range of problems and come up with measures to
stimulate the economy and the people's purchasing power through
large-scale investment projects.
Mr. Thanawat conceded that surging oil prices and the higher cost of
living might push up the country's inflation rate to stay at a range of
8-9 per cent or reach double-digit level.
Should the oil price exceed US$150 per barrel and the political turmoil
continue unabated, the economy would grow less than 7 per cent.
However, the centre projected the economy this year would grow 5.1 per
cent, the core inflation would stay at no more than 3.5 per cent, and the
baht would weaken to no more than 33-34 to the US dollar.
He said it is difficult to see the inflation rate soaring to double-digit
levels because he believed the oil exporting and importing countries would
be able to cooperate to control oil prices.
Mr. Thanawat said he believed the oil price crisis and inflation hike
would ease in the second half of this year. (TNA)
declined in all categories for the second consecutive month upon mounting
concerns over the continued oil price surge, impacts of the sub-prime
lending crisis in the United States, a growing trade deficit, and
political turmoil.
Thanawat Palavichai, director of the University of Thai Chamber of
Commerce (UTCC) Economic and Business Forecasting Center, said the index
on opinions about the political situation dropped to 59.3, the lowest in
five months.
It demonstrated that the public began to worry about the political crisis
in the wake of the ongoing demonstration by the anti-government People's
Alliance for Democracy.
This, coupled with concerns over the oil price crisis, rising trade
deficit, and impact of the sub-prime lending woes, brought down confidence
indexes on the overall economy, job opportunities, and future incomes to
71.8, 71.8, and 92.8 from 73,72.7, and 94 respectively in April.
It resulted in a fall in the consumer confidence index, current and future
confidence indexes to 78.8, 71.1, and 79.2 from 79.9, 72.1, and 80.5
respectively in April.
Currently, he said, no positive factors are seen to encourage or restore
investor confidence. So, it is necessary for the government to more
quickly find solutions to a range of problems and come up with measures to
stimulate the economy and the people's purchasing power through
large-scale investment projects.
Mr. Thanawat conceded that surging oil prices and the higher cost of
living might push up the country's inflation rate to stay at a range of
8-9 per cent or reach double-digit level.
Should the oil price exceed US$150 per barrel and the political turmoil
continue unabated, the economy would grow less than 7 per cent.
However, the centre projected the economy this year would grow 5.1 per
cent, the core inflation would stay at no more than 3.5 per cent, and the
baht would weaken to no more than 33-34 to the US dollar.
He said it is difficult to see the inflation rate soaring to double-digit
levels because he believed the oil exporting and importing countries would
be able to cooperate to control oil prices.
Mr. Thanawat said he believed the oil price crisis and inflation hike
would ease in the second half of this year. (TNA)
