Thailand’s consumer confidence index increased to a nine-month high of 46.2 in December 2021, marking the fourth consecutive month of growth, as the economy continues to recover from the COVID-19 pandemic, the University of the Thai Chamber of Commerce’s Center for Economic and Business Forecasting (CEBF) reported on Thursday.
The index expanded from 44.9 in November 2021.
Supporting factors comprising the current vaccination rates are high enough to limit the economic fallout from omicron around the globe, while the number of daily infections and deaths in Thailand has been continuously declining, as well as the re-launch of seven stimulus programs, including Shop Dee Mee Kuen (shopping with refunds), Kon La Krueng phase 4 (co-payment), and the central bank’s decision to maintain the benchmark policy rate at 0.5 percent as economy backs on recovery path.
Moreover, exports expanded by 25 percent in November to US$23,647 million, while imports were US$22,629 million, up 20%, resulting in a trade surplus of US$1,018 million.
On the other hand, negative factors include concerns about the Omicron outbreak, which continues to place pressure on economic activity and daily life, an increase in oil prices, the government’s temporary suspension of the Test & Go quarantine exemption scheme, and worries about political instability.
The government has stated that Thailand’s economy should still be capable of achieving 4% growth this year, amid fears about the spread of the Omicron variant and uncertainties over the vaccine booster program’s rollout.
