A jump in Thailand’s Consumer Confidence Index
Thailand’s economy is slowly but surely making a comeback after being devastated by Covid-19 restrictions. Last week, the University of the Thai Chamber of Commerce reported that Thailand’s Consumer Confidence Index had risen. The country’s CCI rose from 40.2 to 41.6 in June, the UTCC said.
This news comes after Thailand’s CCI had been in decline for several months. April’s rate was 40.7, March’s was 42, February’s was 43.3, and January’s was 44.8. A purchasing power index below 100 is a sign of slow economic recovery and weak purchasing power. But could the recent jump be a sign of good things to come for the kingdom?
The UTCC predicts an economic growth rate of 5-7% this year, now that Thailand has ditched several tourism restrictions. The kingdom saw 1.9 million foreign tourists arrive from January to June 28. This raked in about 114 million baht in tourism revenue.
On July 1, the notorious ‘Thailand Pass’ was scrapped. Last week, the Tourism and Sports Ministry said it expected about 9.3 million foreign tourists in total to arrive in Thailand in 2022. If the ministry’s dreams come true, Thailand’s tourism revenue this year could likely be over 1.27 trillion baht.
UTCC President Thanavath Phonvichai noted that the economic recovery also follows the extension of bar and pub service hours earlier this month.
The UTCC has predicted that the baht’s value will remain between 36 and 36.5 baht per US$ over the next one to three months, before hovering between 35 and 36 baht per dollar in the fourth quarter.
SOURCE: Thailand Business News
