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Tuesday, June 25, 2024
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Thailand’s Consumer Confidence Reaches 42-Month High Amid Government Support

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In a recent survey conducted by the University of the Thai Chamber of Commerce (UTCC), Thailand’s Consumer Confidence Index (CCI) surged to a 42-month high in September, propelled by the government’s robust cost-of-living support initiatives and stimulus policies. This optimistic development was unveiled on Monday, shedding light on the country’s economic resilience in the face of challenges.

The survey, encompassing 2,244 respondents from across the nation, revealed that the CCI ascended to 58.7 in September, a notable upswing from the 56.9 figure recorded in August. What’s particularly noteworthy is that all components of the index showed marked improvements for the second consecutive month.

The September boost in consumer confidence can be primarily attributed to the reduction in living expenses. The government’s strategic measures, including reductions in energy and gasoline prices, played a pivotal role in alleviating financial burdens for Thai citizens. Additionally, the spike in domestic consumption was catalyzed by the resurgence of tourism and the implementation of the tourist visa exemption scheme. These factors were highlighted by UTCC President Thanavath Phonvichai during a press conference.

Thanavath Phonvichai emphasized the return of consumers’ willingness to spend on tourism, a critical indicator that the country is on the path to recovery from the ramifications of the COVID-19 pandemic and economic uncertainties. This resurgence in tourism bodes well for Thailand’s growth prospects and underscores the positive outlook for the nation’s economic landscape.

Furthermore, Thanavath pointed out that the CCI is anticipated to continue its upward trajectory, thanks to the political stability ushered in by the new government. The government has unveiled immediate measures designed to stimulate the economy, promising further improvements in consumer confidence.

In sum, Thailand’s remarkable upswing in consumer confidence, driven by government support measures and economic stimulus policies, paints an optimistic picture for the nation’s economic future. With the resurgence of domestic consumption and a robust focus on the tourism sector, Thailand seems poised for sustained growth in the months ahead.

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