Tuesday, April 16, 2024

Thai consumer confidence reached a 4-years high in February

Thai consumer confidence hit a 48-month high in February due to government support and tourism. Despite global economic concerns, the government plans to stimulate the economy through various measures.

Thai Consumer Confidence Reaches 48-Month High

The University of the Thai Chamber of Commerce reported that Thai consumer confidence reached a 48-month high in February, attributing it to government support measures and tourism. The UTCC consumer index rose to 63.8 from 62.9 in January, marking the seventh consecutive monthly increase.

Government Initiatives to Stimulate the Economy

  • Despite concerns about global economic conditions, the government is implementing a 500-billion-baht handout policy for 50 million people through a mobile application. Additionally, visa waivers for Chinese and Indian nationals are being considered to boost tourism and stimulate economic growth.
  • Thailand aims to attract a record 40 million foreign visitors this year, building on the previous year’s 28 million arrivals. However, despite efforts to bolster the economy, Thailand’s GDP only grew by 1.9% in the previous year.

Global Economic Uncertainties and Their Impact

While consumer confidence is high in Thailand, worries persist regarding the potential effects of the global economic slowdown and geopolitical conflicts on Thai exports. The government’s proactive measures and initiatives seek to mitigate these risks and drive economic expansion in the country.

Source : Thai consumer confidence reached a 4-years high in February

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