InfoQuest, (February 13, 2020) -- The Center for Economic and Business Forecasting at the University of the Thai Chamber of Commerce (UTCC) reported that Thailand's consumer confidence index to 67.3 in January from 68.3 in December 2019, the lowest level in 69 months, as consumers are fretting over the novel coronavirus outbreak, the delayed fiscal 2020 budget and drought.
The overall economic confidence index fell to 54.9 in January from 56.0 in December 2019, employment confidence index dipped to 63.8 from 64.8, and future income confidence index dropped to 83.0 from 84.2.
Major negative factors include the novel coronavirus outbreak, the delay in the fiscal 2020 budget, the drought, and concerns about PM2.5 pollution. Meanwhile, the Fiscal Policy Office (FPO) recently downgraded Thailand's GDP growth estimate for last year to 2.5 percent from previous 2.8 percent, and slashed its economic growth outlook for 2020 to 2.8 percent from 3.3 percent. Exports fell by 1.28 percent in December 2019 and agricultural prices remain low. Moreover, consumers remain concerned about a slow and concentrated economic recovery.
The only positive factor this month is reflected in a drop in retail oil prices.
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