InfoQuest, (May 09, 2020) -- Thailand's consumer confidence index fell to 47.2 in April 2020 from 50.3 in March 2020, while the overall economic confidence index fell to 39.2 in April from 41.6 in March, according to the Center for Economic and Business Forecasting at the University of the Thai Chamber of Commerce (UTCC).
The employment confidence index fell from 49.3 to 46.0 and the future income confidence index fell from 59.9 to 56.4.
Negative factors include concerns about the COVID-19 epidemic. The rising number of infections is having an impact on people's lives, businesses and the future economic situation of the country, especially in the tourism industry and various services. The government has enacted emergency laws to contain COVID-19 outbreak, including ordering the closure of shopping malls and venues, leading to closures, layoffs, and job losses that inevitably have an impact on the economy. The government also announced a one-month extension of the state of emergency (May 1-31, 2020).
There are also concerns that drought could affect crop yields and incomes in various regions; agricultural prices have remained low, leading to modest increases in purchasing power in other provinces than Bankok; baht depreciated slightly, partly because of concerns about the COVID-19 epidemic that caused foreign capital to flow out; consumers believe that the economic recovery is slow and too concentrated, commodity prices remain high, and income is out of proportion to the rising cost of living, causing consumers to worry about the cost of living.
Source: InfoQuest, by Nisarat Wichiensri / Rachada / Sasithorn, translated by Xinhua Silk Road
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