InfoQuest (June 10, 2021) -- According to Supant Mongkolsuthree, president of the Federation of Thai Industries, Thailand's industrial confidence indicator (ICI) fell from 84.3 in April to 82.3 in May for a second month, the lowest since July last year due to the resurgence of the pandemic.
Meanwhile, the delayed COVID-19 vaccination and the upgraded pandemic prevention policies allimpaired economic activities and domestic demands. Business owners are also facing the problems of rising operating costs and poor capital turnover.
Exports are hindered by container shortage and high shipping costs. Multiple sectors, including automobile, electrical and electronic equipment, are also in short of integrated circuit boards.
In response, the government has introduced a range of economic stimulus measures to boost the purchasing power of the Thai people. Besides, economic recovery in many countries, especially the United States and China, also facilitates Thailand's exports.
TheFederation upgradedits predicted ICIin the following three monthsfrom 91.8 to 92.8 thanks to the effective COVID-19 vaccination, economic stimulus policies, and continued rise in exports.
President Supant made the following suggestions to the government:
I. Speed up the COVID-19 vaccination.
II. Introduce financial relief policies and lower loan thresholds and restrictions.
III. Reduce electricity, water and public service costs by 30 percent.
IV. Help labor-intensive enterprises solve the problem of labor shortage and promote the balance of supply and demand in the labor market.
Source: InfoQuest, by TanawatSuayaem/KasamarpornKittisamphan/RachadaKongkhunthian, translated by Xinhua Silk Road
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