Consumer confidence hits historic low

11-Apr-2020 Intellasia | BangkokPost | 6:02 AM Print This Post

Consumer confidence slumped to a historic low in March as people worried about the spread of the coronavirus, which is estimated to cost 1-1.5 trillion baht in losses to the economy in the first half of this year.

The University of the Thai Chamber of Commerce (UTCC) reported yesterday that the consumer confidence index fell to 50.3 from 64.8 in February and 67.3 in January.

This was the 12th straight monthly decline and the lowest level since April 1999.

Thanavath Phonvichai, president of the UTCC, said Thailand’s overall economic condition is now as critical as when the Asian financial crisis shook the region in 1997.

The pandemic is estimated to cause damage worth 1-1.5 trillion baht in the first half of the year: 700 billion baht in tourism revenue, 300 billion baht from lower private consumption and the rest from lower exports and border trade.

Consumer confidence slumped to a historic low in March as people worried about the spread of the coronavirus, which is estimated to cost 1-1.5 trillion baht in losses to the economy in the first half of this year.

The University of the Thai Chamber of Commerce (UTCC) reported yesterday that the consumer confidence index fell to 50.3 from 64.8 in February and 67.3 in January.

This was the 12th straight monthly decline and the lowest level since April 1999.

Thanavath Phonvichai, president of the UTCC, said Thailand’s overall economic condition is now as critical as when the Asian financial crisis shook the region in 1997.

The pandemic is estimated to cause damage worth 1-1.5 trillion baht in the first half of the year: 700 billion baht in tourism revenue, 300 billion baht from lower private consumption and the rest from lower exports and border trade.

https://www.bangkokpost.com/business/1896770/consumer-confidence-hits-historic-low

 

Category: Thailand

Print This Post

Comments are closed.