Thai Consumer Confidence Index for July lowest in 22 Months

Source: Xinhua| 2019-08-08 22:20:05|Editor: Shi Yinglun
Video PlayerClose

BANGKOK, Aug. 8 (Xinhua) -- A Thai academic thinktank on Thursday said in Bangkok that Thailand's consumer confidence index in July dropped to its lowest in 22 months amid concerns over economic problems, political instability and the U.S.-China trade friction.

The University of Thai Chamber of Commerce (UTCC) revealed that the consumer confidence index in July dropped to 75.0, dropping for five straight months.

UTTC rector Saowanee Thairungroj attributed several negative factors to trade dispute, worries about the Thai political situation and low prices in crops.

Thanawat Polvichai, director of the UTTC's Centre for Economic and Business Forecasting, said the index in July was the lowest in 22 months since October 2017.

"Key factors include the slow rebound in the economy, the Bangkok blasts which occurred last Friday and declining foreign tourist arrivals," said Thanawat, "a gloomy economic outlook deterred consumers from spending."

Thanawat warned that should these conditions continue, Thailand's economic growth might not reach the target of 3.2-3.5 percent, as expected by the Central Bank.