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Thailand’s consumer confidence reaches 7-month low in May

According to the survey of 2,245 respondents conducted by the University of the Thai Chamber of Commerce, the index fell to 60.5 last month from 62.1 in April as all components of the index decreased.

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Consumers purchase flowers at Pak Khlong Talat flower market in Bangkok, Thailand, Feb. 13, 2024. (Xinhua/Rachen Sageamsak)

Thailand’s consumer confidence index dropped for the third straight month in May, reaching the lowest level in seven months, due to concerns over political uncertainty and a sluggish economic recovery, a survey showed on Thursday.

According to the survey of 2,245 respondents conducted by the University of the Thai Chamber of Commerce, the index fell to 60.5 last month from 62.1 in April as all components of the index decreased.

The downward trend stemmed from a plunge in political sentiment among consumers, who were less optimistic about the current and future political climate owing to politically sensitive court cases, said the university’s President Thanavath Phonvichai.

Several pending cases, including one that seeks to remove Prime Minister Srettha Thavisin from office over his cabinet appointment, could potentially lead to political uncertainty, Thanavath told a news conference.

However, the acceleration of the government’s budget disbursement and the implementation of stimulus measures could restore consumer optimism in the second half of the year, he noted.

Xinhua News Agency

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