Thai consumer confidence drops to lowest level in over three years in May
Bank of Thailand governor has forecast 2 % economic growth and 3% inflation this year
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[BANGKOK] The consumer confidence index of the University of the Thai Chamber of Commerce dropped for a third straight month to 49.5 in May from 50.6 in the previous month, a survey showed on Thursday (Jun 11).
The fall took the index to its lowest level in 42 months. Consumer confidence was hurt by concerns over the war in the Middle East and higher energy prices, said the university, which conducted the survey.
Consumer confidence is likely to recover following government stimulus measures, Thanavath Phonvichai, president of the university, told a briefing.
The government has launched a 176 billion baht (S$6.9 billion) consumer subsidy scheme to ease the cost of living.
Stronger-than-expected first-quarter growth and higher exports were supportive, the university said.
A leading business group on Wednesday raised its 2026 economic growth forecast range to 1.6 to 2 per cent, citing support from government stimulus measures.
The state planning agency has maintained its 2026 growth outlook at 1.5 to 2.5 per cent amid the war in the Middle East.
Bank of Thailand governor Vitai Ratanakorn has forecast 2 per cent economic growth and 3 per cent inflation this year, and has signalled that policy settings were appropriate for now. REUTERS
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