BANGKOK, 4th January 2018 (NNT) – The University of the Thai Chamber of Commerce (UTCC) has reported that consumer confidence in December 2017 hit a 35-month high, thanks to the continuous expansion of the Thai economy.
According to Mr Thanawat Polvichai, Director of the Center for Economic and Business Forecasting at UTCC, the December consumer confidence index (CCI) edged up for the fifth consecutive month to stand at 79.2, which was the highest in 35 months. The record figure was attributable to the improving economic condition, steady growth of the export and tourism sectors, the government’s issuance of a series of stimulus measures before the end of the year and more stability in the political arena.
However, Mr Thanawat pointed out that the CCI remained below 100 due to lingering concerns over several issues, particularly price declines in many agricultural products and weak purchasing power in rural areas. He predicted that agricultural prices will gradually rebound this year, especially in the second quarter.
Regarding the appreciation of the Thai currency to 32.5-33.0 baht against the US dollar, the Director believes it won’t impact Thai exports, given the movement was in line with other regional currencies.
For now, the Center for Economic and Business Forecasting is maintaining its 2018 economic growth estimate at 4.2-4.5 percent. The center indicated a possibility that the estimate could be raised to 5 percent, pending further economic reports from the National Economic and Social Development Board.
Source: National News Bureau of Thailand (NNT)