ID :
50285
Thu, 03/12/2009 - 20:20
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http://m.oananews.org//node/50285
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Thai consumer confidence index plunges to 7 year low
BANGKOK, March 12 (TNA) - Anxieties over the decline in the economy and the spiralling cost of living pushed Thai consumer confidence index in February to fall for the first time since the coalition government of Prime Minister Abhisit Vejjajiva took office last December, retreating to an 85 month low, according to a survey.
Vice-Rector Saowanee Thairungroj of the University of the Thai Chamber of Commerce (UTCC) said the consumer confidence index (CCI) in February dropped to 74, down from 75.2 in January, its lowest level since February 2002.
UTCC’s Economic and Business Forecast Centre director Thanawat Palavichai said the decline in February was considered high with the global and Thai economies in a worse-than-expected state after Thailand’s gross domestic product in the fourth quarter of 2008 contracted 4.3 per cent, its lowest level in the past decade.
The fall in Thailand’s exports along with rising unemployment, retail oil prices and the cost of living are expected to continue lowering the consumer confidence index until the third quarter of 2009, Mr. Thanawat explained.
He said the public still wants the government to issue more economic stimulus measures to increase jobs and help bolster consumer confidence and private investment during the rest of this year.
The government must accelerate its spending and build confidence among the people otherwise the Thai economy could deteriorate further, Mr. Thanawat said. (TNA)
Vice-Rector Saowanee Thairungroj of the University of the Thai Chamber of Commerce (UTCC) said the consumer confidence index (CCI) in February dropped to 74, down from 75.2 in January, its lowest level since February 2002.
UTCC’s Economic and Business Forecast Centre director Thanawat Palavichai said the decline in February was considered high with the global and Thai economies in a worse-than-expected state after Thailand’s gross domestic product in the fourth quarter of 2008 contracted 4.3 per cent, its lowest level in the past decade.
The fall in Thailand’s exports along with rising unemployment, retail oil prices and the cost of living are expected to continue lowering the consumer confidence index until the third quarter of 2009, Mr. Thanawat explained.
He said the public still wants the government to issue more economic stimulus measures to increase jobs and help bolster consumer confidence and private investment during the rest of this year.
The government must accelerate its spending and build confidence among the people otherwise the Thai economy could deteriorate further, Mr. Thanawat said. (TNA)
