InfoQuest (June 07, 2019) -- The consumer confidence index released by the Center for Economic and Business Forecasting (CEBF) of The University of the Thai Chamber of Commerce (UTCC) falls from 79.2 in April to 77.7 in May 2019.
Due to concerns about the domestic political situation, the confidence index falls for the third consecutive month to the lowest level in 19 months. The overall economic confidence index falls from 66.2 to 64.8, the employment confidence index falls from 74.6 to 73.3, and the future income confidence index falls from 96.7 to 95.0.
Among the main negative factors, the National Economic and Social Development Committee (NESDB) released that Thailand's economy (GDP) grew by 2.8 percent in the first quarter of 2019, the lowest rate in 17 quarters, and lowered its forecast for this year's growth to 3.6%. Consumers expressed their concerns about the establishment of a new government and uncertainty about the future political situation, as well as concerns about the impact of the trade war. And exports fell by 2.57 percent in April.
Positively, the Monetary Policy Committee (MPC) has maintained the interest rates at 1.75 percent. Domestic oil prices have fallen, and the Thai baht has slightly appreciated.
Source: InfoQuest, by Kasamarporn Kittisamphan/ Rachada / Saowalak, translated by Xinhua Silk Road
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