Thai consumer confidence hits nine-month low in June on economic, political concerns
THAI consumer confidence dropped for a fourth straight month in June to its lowest level since last September due to concerns about an economic slowdown and political uncertainty, a survey showed on Thursday (Jul 11).
The consumer index of the University of the Thai Chamber of Commerce fell to 58.9 in June from 60.5 in May, the university said.
Consumers felt that politics became unstable following a court case that could potentially lead to the dismissal of the prime minister and that the economy was slowing down or recovering slowly because of a lack of clear stimulus measures, the university said.
“Consumers are unsure whether the economy will recover quickly or not, especially when the current political situation is becoming more uncertain,” it said.
Consumer confidence might improve if the government speeds up budget disbursement and stimulates the economy to recover quickly later this year, the university said.
Thailand’s Constitutional Court on Wednesday set Jul 24 as the next hearing date for a case seeking the dismissal of Prime Minister Srettha Thavisin. The court said earlier this month that the case would reach a verdict before September.
If Srettha is removed from office, a new government must be formed and his ruling Pheu Thai party would need to put forward a new candidate for premier to be voted on by parliament.
South-east Asia’s second-largest economy grew 1.5 per cent in the first quarter from a year earlier, slowing from the 1.7 per cent expansion in the prior quarter. REUTERS
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