BANGKOK, Sept 12 (Askume) – Thai consumer confidence fell for a sixth consecutive month in August to a 13-month low, a survey showed on Thursday, as slowing economic growth and uncertainty about new government policies dragged down concerns about a rise in life expectancy.
The Thailand Chamber of Commerce University (THCONF=ECI) said in a statement that the university’s consumer index fell to 56.5 in August from 57.7 in the previous month.
The university said consumers still believe the overall economic situation is recovering slowly and the cost of living remains high.
“Although the current political situation has begun to stabilize, consumers remain low in confidence in a rapid economic recovery as they have yet to see clear and concrete economic stimulus measures from the government,” the report said.
The university said confidence could improve if the government accelerates budget spending and delivers clear economic recovery later this year.
New Prime Minister Peduntan Shinawatra, who took office last month, outlined the government’s plans in parliament on Thursday.Despite policies and promises to immediately boost the economy , consumer confidence continues to decline.
This agenda is a continuation of the policies of former President Sretha Thawisin, a Pheu Thai ally who was ousted following the court ruling.
The government said this week it would release 145 billion baht ($4.3 billion) earlier than originally planned to support vulnerable groups, about a third of this month’s ” digital wallet” stimulus package.
The measure, to be implemented in the last quarter of this year, is a cornerstone of the government’s plan to boost Southeast Asia’s second-largest economy, which is scheduled to grow at 2.3% in the second quarter of 2024 .
Growth last year was 1.9%, lagging behind regional competitors.
