InfoQuest, (July 04, 2019) -- As consumers were concerned of political uncertainty in the country, the Consumer Confidence Index has eyed a decline for four consecutive months and slid from 77.7 to 76.4 in June, the lowest in 21 months, according to the Center for Economic and Business Forecasting at the University of the Thai Chamber of Commerce (UTCC).
The overall economic confidence index fell from 64.8 to 63.4, the employment confidence index fell from 73.3 to 72.2, and the future income confidence index fell from 95.0 to 93.5.
The decline also reflected the hit of the global trade war. Under the circumstance, the Monetary Policy Committee (MPC) has lowered its 2019 GDP growth forecast to 3.3 percent and export growth forecast to 0 percent. In May, Thailand's exports shrank by 5.79 percent. Moreover, consumers worried that the economic recovery was slow or the economy became too centralized and the prices of agricultural products has remained low.
Positively, the 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 / Nisarat, translated by Xinhua Silk Road
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