Infoquest, (March. 12, 2020) -- As consumers were concerned of the Covid-19 outbreak, political situation and drought, the Consumer Confidence Index (CCI) for February 2020 was 64.8, down from 67.3 in January 2020, the lowest in 21 years, according to the Center for Economic and Business Forecasting at the University of the Thai Chamber of Commerce (UTCC).
The overall economic sentiment index dipped to 52.5 in February from 54.9 last month, the employment confidence index fell to 61.4 from 63.8, and the future income sentiment index dropped to 80.4 from 83. 0.
The major negative factors included the concerns about the outbreak which has had an impact on the national economy, particularly tourism. The National Economic and Social Development Council (NESDC) has cut its forecast for Thailand's GDP growth to 1.5-2.5 percent. It also reported the fourth quarter of last year saw the slowest GDP growth in five years. And apart from concerns about drought, slightly weaker baht, and PM2.5, consumers also worry that the economic recovery is slow and too concentrated.
The supportive factors for Thailand's economy included: The Monetary Policy Committee (MPC) cut interest rates by 0.25 percent; the parliament approved the spending bill for fiscal year 2020; exports registered positive growth for the first time in six months, rising 3.35 percent; domestic oil prices plunged.
Meanwhile, the UTCC has lowered its forecast for Thailand's GDP this year to 1.1 percent from 2.8 percent, and revised its forecast for exports to -1 percent.
Source: InfoQuest, by Kasamarporn Kittisamphan / Rachada / Sasithorn, translated by Xinhua Silk Road.
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