Thailand’s CCI continues dropping in August

BANGKOK, September 3 (TNA) -- Thailand’s Consumer Confidence Index (CCI) continued declining in August to the lowest level in the past 15 months, while the public hopes that the government’s new economic team could tackle economic problems confronting the country, said Thanavath Phonvichai, director of the University of Thai Chamber of Commerce’s Centre for Economic and Business Forecasting. Mr Thanavath said CCI for August was at 72.3, down from July at 73.4, showing that consumers still did not have confidence in Thailand’s economy and were worried of August’s deadly bombing incident in Bangkok’s central business area of Ratchaprasong intersection, a decline in the country’s exports, drought situation, falling of farm products prices and a high cost of living. He said the employment confidence index also retreated in August and stood at 67.6 while the future income confidence index fell to 87.6 as consumers were concerned of political problems in Thailand, especially on a vote on the draft constitution. Economic recovery in Thailand is projected in the middle of fourth quarter this year due to high expectations by the people on the new economic team, said Mr Thanavath. The government’s economic stimulus measures worth 136 billion baht are expected to jump start the economy of the country. UTCC’s Centre for Economic and Business Forecasting is expected to revise Thailand’s growth forecast which was earlier projected at between 2.5 – 2.9 per cent in 2015 next week, he added. (TNA)