Consumer confidence hits 20-month high in November

According to a survey released on Thursday, stronger economic activity following the relaxation of Covid-19 limits and an increase in foreign visitor arrivals helped Thai consumer confidence rise for a sixth consecutive month in November, reaching a 20-month high.

The consumer index of the University of the Thai Chamber of Commerce (UTCC) rose to 47.9 points in November from 46.1 in October.

The UTCC anticipates that the New Year’s celebration will create approximately 100 billion Baht in economic activity, which would be comparable to the level of income in the pre-Covid era.

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Thanavath Phonvichai, president of the institution, stated at a briefing that 3.2% to 3.3% economic growth is predicted for this year and 3.5% to 4.0% for the following year.

The crucial tourism industry, which is expected to welcome 10 million international visitors this year and at least 20 million to 22 million the next year, will continue to be the engine of the economy, according to Thanavath.