Thai Consumer Confidence Index up in June

BANGKOK, July 4 (TNA) - Thailand’s consumer confidence index (CCI) in June rose to 78.6, up to the highest level in the past nine months, as consumers gained more confidence in Thai politics and falling oil prices, said Saowanee Thairungroj, rector of University of Thai Chamber of Commerce. June’s CCI increased to the highest level since last October in which CCI stood at 72.4 as consumers gained more confidence in Thai political stability and declining oil prices in the domestic market, Saowanee said. Activist groups have not launched street protests lately after the parliament has decided to postpone deliberating the constitution amendment and the reconciliation bills. Similarly, Thailand’s overall economic confidence index jumped to the highest level in the past nine months to 68.5 in June, an increase from 62.8 last October, Saowanee said. Consumers are, however, worried that political risks in Thailand and debt crisis in Europe would affect Thailand’s economic growth, according to the University’s Economic and Business Forecasting Centre. The Centre forecasts that Thailand’s exports this year would grow between 8-9 per cent, lower than the target set at 15 per cent growth by the Commerce Ministry due to euro zone financial crisis. It projects that higher domestic spending coupled with rising production and private investment would assist in pushing the country’s economy to sustain growth at between 5.5-6 per cent this year on the condition that the government must accelerate on spending on basic infrastructure projects and help boost competiveness to cater to ASEAN Economic Community which will be implemented in 2015. The Centre is confident that CCI would continue to improve during the second half this year if there is no local political problem as Thai economy is showing signs of recovery after massive flooding late last year. (TNA)