Thai consumer confidence hit 46-month high in December, driven by government measures to reduce living costs and boost tourism. Plans to improve economy and cut interest rates expected to further increase confidence. Targeting 5% annual economic growth and 2.5% growth in 2023.
Thai Consumer Confidence Reaches 46-Month High
According to a survey by the University of the Thai Chamber of Commerce (UTCC), Thai consumer confidence reached its highest level in 46 months in December. The increase is attributed to government measures to ease living costs and increased tourism. The government’s plans to boost the economy, including a digital wallet handout program and a call to cut interest rates, are expected to further increase consumer confidence. The government aims to achieve a minimum annual economic growth of 5%, with a forecasted growth of 2.4% in 2023.
Government Measures to Boost Economy
The government’s digital wallet handout program, along with calls to cut interest rates, are aimed at boosting the economy and supporting small businesses and lower-income individuals. The increase in consumer confidence for the fifth consecutive month indicates potential for further growth, especially if the government can promptly implement its planned economic policies this year, according to the university.
Economic Growth Forecast
The Thai government aims to achieve at least 5% economic growth each year, with a growth forecast of 2.5% for 2023. The steady increase in consumer confidence and the government’s efforts to stimulate the economy are positive signs for economic growth in the coming years.
