Thailand’s consumer confidence drops to 9-month low in June

Bangkok: Thailand’s consumer confidence fell for the fourth consecutive month in June, hitting the lowest level in nine months, due to concerns over a slowing economy growth and political uncertainty, a survey showed on Thursday.

According to the survey of 2,243 respondents conducted by the University of the Thai Chamber of Commerce, the consumer confidence index dropped to 58.9 last month from 60.5 in May as all components of the index decreased.

Consumers were worried about high living costs, mainly owing to rising fuel prices amid a sluggish economic recovery, said the President of the university Thanavath Phonvichai, reports Xinhua news agency.

Political uncertainty stemming from a court case that seeks to remove Prime Minister Srettha Thavisin from office might impact the implementation of the government’s stimulus measures, including its flagship cash handout scheme through a digital wallet, Thanavath told a news conference.

However, the acceleration of budget disbursements and public investments could restore economic growth and consumer confidence in the third quarter of this year, he noted.

–IANS

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