Thailand’s consumer confidence Index hit nine-month low in August

BANGKOK, September 5 (TNA) – Thailand’s consumer confidence index in August stood at 79.3, down from 80.3 in July and was at the lowest level since last December, said Thanawat Polvichai, director of University of Thai Chamber of Commerce’s Economic and Business Forecasting Centre. Citing a survey conducted recently by the Centre, Thanawat said the consumer confidence index continued to decline in every item for the fifth consecutive month on concerns of Thailand’s political situation. In addition to anxieties over the country’s politics, higher costs of living resulted from increases in the price of cooking gas along with expressway tolls and the electricity bills which have become effective since September 1, the Syria crisis are expected to further depress consumption and household debt in the fourth quarter of this year, Thanawat said. The Thai government is urged to accelerate on budget disbursement and help promote cross-border trade and tourism, he said. The Economic and Business Forecasting Centre plans to again revise Thailand’s economic figures late this month while it has initially projected that growth would retreat to between 3.5 – 4 per cent from its earlier projection at 4 - 4.5 per cent. On the ongoing rally staged by rubber growers in the South demanding the government to increase rubber prices, it is estimated that damages on economy are between 100 to 200 million baht daily as several major roads leading to the region are closed down by the demonstrators. The country’s economy could contract by 0.1 per cent if the demonstration continues more than a month and could eventually affect the government’s stability, Thanawat added. (TNA)