PHOTO: Culture Trip
Thailand’s household economic condition index is likely to drop further due to the ongoing global economic slowdown. Another drop would make it the third this year, measured in quarters. The slowdown is impacting the domestic economy and employment, according to the Kasikorn Thai research centre.
Thai PBS reports that the latest ECI report indicates that a survey of economic conditions in October showed signs of increased layoffs, compared to the last survey in July, particularly in the manufacturing and services sector.
“The ECI for the last quarter of this year remains fragile and susceptible to further decline, despite the Government’s efforts to implement stimulus packages.”
Meanwhile, about 60% of retail business operators (life-style products and consumer products) in Bangkok and surrounding provinces report poor sales this year, compared to last year’s performance, and 65% were not sure if or when their businesses will recover, according to the Kasikorn Thai research centre report.
“Uncertainty in the retail sector reflects its concern over future economic conditions and the purchasing power of consumers.”
Amidst stagnant consumer purchasing power and continuing pressure on retail businesses, the Kasikorn Thai research centre predicted retail business next year might grow between 2.7%-3%, compared to this year’s 3.1%.
SOURCE: Thai PBS World
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