Thai Dec consumer confidence at high of nearly 4 years on govt measures, tourism

BANGKOK : Thai consumer confidence rose in December, reaching the highest level in 46 months, boosted by government measures to ease living costs and increased tourism, a survey showed on Thursday.

The consumer index of the University of the Thai Chamber of Commerce increased to 62.0 in December from 60.9 the previous month, the university said in a statement.

Consumer confidence rose for the fifth straight month, suggesting consumer confidence should continue to increase, particularly if the government can quickly boost the economy this year with its planned policies, the university said.

The government is forging ahead its controversial digital wallet handout programme, which involves a 500 billion baht ($14.3 billion) plan to transfer 10,000 baht ($286) to 50 million people to spend within six months.

Prime Minister Srettha Thavisin this week also urged the central bank to cut interest rates, saying high borrowing costs were hurting Southeast Asia’s second-largest economy, small businesses and lower-income people.

The government wants to boost economic growth to at least 5 per cent each year, with 2023’s growth forecast at about 2.4 per cent.

($1 = 35.02 baht)