Thailand’s consumer confidence reaches lowest point in 9 months

Thailand’s consumer confidence has dropped to its lowest level in nine months, marking the fourth consecutive month of decline. This decrease is attributed to concerns over economic slowdown and political uncertainty.

The consumer confidence index, measured by the University of the Thai Chamber of Commerce, fell to 58.9 in June from 60.5 in May.

• Thailand’s consumer confidence has dropped for four consecutive months and is at its lowest level since last September, mainly due to concerns about economic slowdown and political uncertainty.
• The uncertainty surrounding the potential dismissal of Prime Minister Srettha Thavisin and the subsequent formation of a new government is contributing to the instability and negatively impacting consumer confidence.
• Consumer confidence could improve if the government accelerates budget disbursement and implements effective stimulus measures to expedite economic recovery.

Thailand’s consumer confidence has decreased for the fourth consecutive month, reaching its lowest level since last September. The drop is attributed to concerns about economic slowdown and political instability, particularly regarding a court case that could lead to the dismissal of the prime minister. Consumers are uncertain about the economy’s recovery, but it is suggested that confidence could improve if the government accelerates budget disbursement and implements stimulus measures.

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The next hearing for the case seeking the dismissal of Prime Minister Srettha Thavisin is set for July 24. This case, which involves a controversial cabinet appointment, could significantly impact the government and the ruling Pheu Thai party.

In the first quarter of 2024, Thailand’s economy grew by 1.5% year-on-year, a slight slowdown from the 1.7% growth in the previous quarter. This growth was primarily driven by domestic consumption and tourism.