InfoQuest, (May 02, 2019) -- In April 2019, the Index of Consumer Sentiment (ICS) in Thailand continued to slip to the lowest level of 79.2 over past a few months from last month's fall, according to the Center for Economic and Business Forecasting (CEBF) of the University of The Thai Chamber of Commerce (UTCC). This negative sentiment can be largely attributed to a combination of consumers' concerns about the political stability, the sluggish economic pickup and the anemic recovery in people’s purchase power after the general election, as well as the unclear global economic situation.
Compared with levels of March 2019, the general Economic Sentiment Indicator (ESI) went down to 66.2 from 67.6, the Job-seeker Confidence Index (JCI) to 74.6 from 75.8, and the Future Income Confidence Index to 96.7 from 98.4.
The Thai economy was mainly faced with the several negatives in April 2019.
First, the Fiscal Policy Office (FPO) lowered the growth forecasts for the Thai GDP and exports from 4.0 percent to 3.8 percent, and from 4.5 percent to 3.4 percent respectively, primarily due to the implications of global economic and trade slowdown, and US-China trade row.
Second, consumers are concerned about the possible political instability in the future as a new government comes in. In March 2019, the value of the Thai exports stood at 21.44 billion U.S. dollars, down 4.8 percent, making the Thai exports end the first quarter of 2019 with a negative increase of 1.64 percent.
Third, drought that may have an effect on crop yield and people's income, climbing oil price and relatively low produce price at home are also matters of public concern.
Nevertheless, there are also some positives. In the wake of the 90-day truce, the US-China trade war shows signs of easing up; following the exemption of VISA on Arrival fees and the slight depreciation of baht, Thailand sees a constant rise in the number of Chinese tourists.
Source: InfoQuest, by Tanit Tongnok / Kasamarporn / Rachada, translated by Xinhua Silk Road
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