Economic predicament: Ipsos Study reveals Thai citizens’ fears of surging inflation

A feeling of despondency is evident among the population of Thailand as an Ipsos study revealed concerns over increasing inflation and interest rates. The research, which comprised of responses gathered from a substantial 6,000 persons, displays a disconcerting economic predicament, with more than half of the respondents predicting an inflation upswing within the next 12 months.

The study was headed by Usana Chantarklum, who acts as the company’s managing director. Public opinion seems to have inclined significantly towards the pessimistic side, with over half (56%) of the respondents fearing a rise in inflation and 54% expecting interest rates to surge.

Thailand’s present economic situation has been labelled as “bad” by 57% of the country’s populace. An alarming 72% hold the belief that the country is in a state of recession, a percentage that is 23% higher than the global average, which currently stands at 49%.

Thailand’s socio-economic future appears uncertain with speculations of rising prices in utilities and necessities like food. Usana emphasised that the top three price increase predictions over the next six months for Thailand are utilities, motoring fuel, and groceries.

According to the Ipsos study, the reasons for burgeoning living costs cited by the Thai community vary widely, including the global economy (81%), national policies (79%) and interest rates (78%). Further economic predicament factors include the pandemic, corporate profiteering and wage increases made by labour forces.

Ipsos’ results also throw light on the prevailing hardship faced by 25% of Thais in the present economic climate, with nearly three-quarters (64%) sceptical of a return to normalcy for at least a year or more reported Bangkok Post.

Although the economic predicament difficulties are stark, there persists a sense of yearning and optimism among Thai citizens for a brighter economic future. A promising 61% of Thais, as opposed to 42% in February and 56% in May this year, anticipate economic strengthening in their local region compared to the start of the year.

The Ipsos report titled “What Worries the World – What Worries Thailand,” distinguished five global concerns and compared them to those pertinent to Thailand. The findings imply that for the past 15 consecutive months, inflation has topped the chart of worldwide concerns, followed closely by poverty, crime, unemployment, and the pervasive issue of financial and political corruption, signifying extreme economic predicament.

When comparing these global worries to those specific to Thailand’s economic predicament, financial and political corruption was found to be the primary concern in the nation, shortly followed by poverty, social disparity and inflation.