Consumer confidence in Thailand hits highest level since March 2020

Thai Consumer confidence increased for the sixth consecutive month in January, reaching the highest level in 47 months since March 2020. This was supported by the government’s stimulus measures to boost spending and lower electricity and fuel prices.

• Consumer confidence in Thailand rose to its highest level since March 2020, driven by government stimulus measures and positive economic indicators such as domestic tourism recovery and improved crop prices.
• The University of the Thai Chamber of Commerce anticipates gradual economic recovery in 2024, with a focus on tourism, exports, agricultural product prices, and government spending, potentially leading to a growth rate exceeding 3%.
• The business sector’s sentiment, as measured by the TCC Confidence Index, also improved in January, supported by government stimulus programs, visa facilitation for tourists, higher farmer income, stabilized diesel prices, and growing exports.

The UTCC expects gradual economic recovery in 2024, with a focus on the tourism sector and government spending and anticipates an economic growth of 3.0-3.5%. The business sector also showed increased confidence, supported by government stimulus programs and higher tourist arrivals. Additionally, spending for Valentine’s Day reached a five-year high, indicating improved consumer sentiment.

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