Floods reduce Thailand's consumer confidence index in November

BANGKOK,Dec9(TNA)- Thailand's consumer confidence index stood at 79.0 points last month, a drop for the second consecutive month, because of impacts from the country’s recent flooding crisis and the appreciation of the Thai baht since early this year.
However, Thanawat Polvichai, Director of University of the Thai Chamber of Commerce's Economic and Business Forecasting Centre, said on Thursday that Thailand's consumer confidence index is likely to pick up in the first quarter of next year, pointing out if the country's minimum wages increase by 5-10 baht a day next year, local workers will have 20 billion baht more in hand--which will boost domestic consumption.
Besides, Thanawat acknowledged, increased salaries of office employers by 5-6 per cent will also spur the national economy and domestic spending. He urged the government to extend official subsidies on utility and public bus services for local low income people for another quarter to ease their burden on costs of living and to contain inflation, as well as to further boost local consumers’ confidence.
Meanwhile, the centre remained its earlier forecast that the Thai economy will grow by 7.6 per cent this year and 4.2 per cent next year.(TNA)