Private sector waits for new economic ministers to raise investor confidence

The private sector says they’re waiting to see the new ministers emerge from the current negotiations that will be in charge of economic portfolios, who may raise the confidence of investors. Meanwhile, the Consumer Confidence Index was at 77.7 in for the month of May, the lowest in 19 months.

Thanawat Pholvichai, director of University of the Thai Chamber of Commerce’s Economics and Business Forecasting, said a new cabinet is expected before the end of this month following the recent election of a prime minister last Wednesday. In particular, private investors are hoping the economic ministers will adjust policy to raise investors’ confidence.

“The coalition government would continue to steer policy matters.”

Mr. Thanawat disclosed that the Consumer Confidence Index dropped to 77.7 in May, the lowest in 19 months, due to people’s concerns over political uncertainties and fears of the trade war between the US and China which is affecting Thailand’s export industry. The prices of farm goods remain low, thus restraining the purchasing powers of the farmers.

SOURCE: National News Bureau & Public Relations