UTCC Shows a Feb Consumer Confidence Index Recording as a Lowest in 21 years

The Center for Economic and Business Forecasting, University of the Thai Chamber of Commerce said that Thailand consumer confidence fell to 64.8 in February compared to 67.3 in January.

The recent announcement of Thailand consumer confidence index records as the lowest number after 21 years as a consequence of the concern over new coronavirus, Covid-19 spreading, aligning political situation and drought.

As well as consumer confidence economic sub-index that fell to 52.5 compared with 54.9 the month earlier. Employment confidence dropped from 63.8 in January to 61.4 in February. While future income index decreased to 80.4 from 83.0. 

The principal negative factors are as follows; the concern from Covid-19 outbreak that is threatening Thai economy particularly tourism industry, the cut down of Thailand gross domestic product or GDP to 1.5 – 2.5% by Office of the National Economic and Social Development Council, along with the disclosure of GDP in the 4th quarter of 2019 that appeared as a lowest growth in 5 years. The drought, a slightly decreasing of Thai baht appreciated and PM 2.5 are part of the those negatives. 

University of the Thai Chamber of Commerce has trimmed down a GDP forecast to 1.1% from 2.8% and export will reverse to -1%.