Thailand's GSI on the rise

BANGKOK, November 6 (TNA) - The Government Savings Bank (GSB) reports that Thailand's Grassroots Economic Sentiment Index (GSI) has been on the rise with more savings among people in the grassroots. GSB President and Chief Executive Officer (CEO) Chatchai Payuhanaveechai told journalists the GSB's Grassroots Economy Research Center found from its recent random survey of 1,941 samples nationwide that the GSI in the third quarter of this year increased to the 46.9 level, from the 46.3 level in the second quarter. Chatchai assessed that the GSI in the fourth quarter should further increase considerably, as the sampled grassroots whose income is no higher than 15,000 baht said in the latest survey that they viewed the Thai economy was generally expanding. According to the GSB top executive, most of the respondents considered, however, that they needed to keep on their discretion while spending on goods and services as their income from farm prices remained low. The GSB top executive acknowledged the recent survey found that the GSI over the next six months also increased to the 48.8 level, thanks partly to the Thai government's concrete measures over the past years, including its latest welfare program to assist the grassroots which has been implemented since last month. The GSB top executive revealed the recent survey showed, meanwhile, that most respondents, or 55.4 per cent, had their savings, with 59.8 per cent of this group saying they had their monthly savings of about 2,000 baht, compared with only 41.6 per cent of respondents who had their monthly savings in the survey in the third quarter of last year. The GSB president and CEO noted that the latest survey found most of the respondents had saved their money regularly, either daily, weekly or monthly, attributing the regular savings behavior of the grassroots to late His Majesty King Bhumibol Adulyadej's advice on regular savings and the sustainable living style based on his royally-supported Sufficiency Economy Principle. (TNA)