EconomyThailand

Thailand Consumer Confidence Index hits record low

PHOTO: Thailand's Consumer Confidence index slips again to below the pre-pandemic record. (via CNN)

The University of the Thai Chamber of Commerce has reported that the Consumer Confidence Index has hit another new record low of 46.0 in April. The Covid-19 global pandemic has had a devastating effect on the economy and consumer confidence has fallen frequently to the lowest points that it has seen since 1998.

The president of the UTTC believes that consumers generally don’t feel like there has been much of a recovery for the economy since the global pandemic began and without a stimulating event to motivate economic growth, the index is expected to continue to fall further. The university estimated that if the third wave of Covid-19 continues past the end of May the economy can expect to lose 400 to 600 billion baht.

The UTTC president stressed that the government should hasten to step up relief measures and make sure they continue relief and economic stimulus throughout the pandemic to avoid economic catastrophe. He predicted that the economy and the Consumer Confidence Index will continue on a downward slope without any hope of improvement until the vaccine rollout gets well underway towards herd immunity, and new Covid-19 infections are decreased dramatically.

Today saw another 2,101 new Covid-19 infections and 17 deaths in Thailand. Vaccination efforts are continually being stepped up, but still remain woefully slow.

The Consumer Confidence Index first started falling last year, with a drop below the previous record low in 1998 in April of 2020, when it fell to 47.2. A few months later, by July of last year, it had recovered significantly, climbing back over 50. But by March of this year, the index had fallen again to 48.5. With April’s tumble of 2.5 points, the Consumer Confidence Index pushes once again to a new record low.

SOURCE: Thai Business News

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Neill Fronde

Neill is a journalist from the United States with 10+ years broadcasting experience and national news and magazine publications. He graduated with a degree in journalism and communications from the University of California and has been living in Thailand since 2014.

10 Comments

  1. I wouldn’t expect the index to be at an all time high! But it is a barometer of sentiment. So is the government going to take up the challenge? Get the population vaccinated with military precision? If any country is going to systematically vaccinate the population with military precision, it should be Thailand! It is a test of the military and their discipline….

  2. Since the coup and Prayut came into power the economy went constantly down. Always the army took power they brought the economy and the country down. There was no succesful junta government in the history always they destroyed the country.

  3. @Jason –

    Quite the opposite, if you wish to see an example of military precision rollout of the vaccine look at the UK.

    If you want to see a non-military precision rollout then look at Thailand, plus what are you going to vaccinate people with tap water?

    In a very precise way though Thailand was six months behind other countries at ordering the vaccine and are hence at the bottom of the queue.

    I too want Thailand to vaccinate the country quickly so I can go there for six months but I won’t hold my breath.

  4. @Dreqo – Economics are obviously not your strong point, there are many factors influencing the value of the baht, economic performance is not the only one as many seem to think. Remember, the rest of the world has also been hit hard by the covid 19 pandemic, many countries have been hit much harder than Thailand.

  5. @Rasputin –
    Ahh, here we are now, the hopelessly dedicated to the narrative type. Clearly economics are your strong point, all of the stunning, informative and indisputable charts and stats you’ve referenced are a clear indication of your superior economic knowledge.

    It could be all of that, or you’re just key slapping out your hopeful preferences, due to having put all your remedial eggs in the baht basket.

  6. You ain’t seen nothing yet ! In a few months we will refer to April figures as ” the good old days ” Unless and until real vaccines are widely used here expect at least a year for meaningful improvements

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