BANGKOK, Sept. 5 (Xinhua) -- The Thai Chamber of Commerce University on late Tuesday released a statement quoting July the highest month in consumer confidence index from the past 62 months.
Thanawat Pholvichai, director of Economic and Business Forecast Centre of the Thai Chamber of Commerce University, said consumer's confidence index for the month of July was registered at 82.2, representing the highest rate for the past 62 months since June 2013.
"Tourism and export sectors have showed signs of growing with consumers feeling confident that they have deeper pockets," said Thanawat, "thus, with more money in their pockets, the higher the purchasing power."
The Economics director also said that the next six months showed consumer's confidence registering at 93.5 compared to 92.5 registered in the last survey, the highest in 42 months since February 2015.
The statement from the Economic and Business Forecast Centre at the Thai Chamber of Commerce University also quoted that the consumer confidence index also showed that their overall feeling toward the economic environment jumped to 69.1 in July from 67.9 a month earlier, the highest in 69 months.
Moreover, consumer's confidence in the economic environment for the future increased to 86.9 from 85.7, the highest in 162 months.
Thanawat said the consumer's confidence index in all areas represented a signal that the purchasing power of consumers is starting to pick up again.
He also said the centre predicted that growth rate this year is likely to increase to 4.5-5 percent this year as reflected in the strong growth in the export and tourism sectors.
"If the government expedites its budget spending and pushes for investments in the Eastern Economic Corridor infrastructure projects, there is a likelihood that growth rate next year may be within 5-7 percent," said Thanawat, giving a glimpse of hope that Thailand will show signs of growth clearer next year."
