The Chamber of Commerce has revealed that the Consumer Confidence Index in September 2019 plunged to 72.2 from 73.6 in August, the lowest in three years. Meanwhile, the Overall Economic Confidence Index in September also plunged to 59.3 from 60.9 in August.
The decline was due to several factors included:
1) The revised down economic growth forecasts from 3.3% to 2.9%
2) Declining exports
3) Pressure on farm incomes
4) U.S.-China trade war
Mr. Thanawat Polvichai, the Director of the University of the Thai Chambers of Commerce’s Center for Economic and Business Forecasting, said that the September reading suggests the first batch of government stimulus didn’t boost confidence while low rubber and rice prices as well as baht strength are among the factors keeping the economy under pressure. Moreover, there’s lingering concern about government stability and the upcoming vote in parliament on the budget bill.