The Thai Chamber of Commerce on Wednesday revealed that Thailand’s Consumer Confidence Index in February dropped to 43.3, compared to 44.8 in January in concerns of a wide and rapid spread of Covid-19 omicron variant in the country, the unrest between Russia and Ukraine in late Fed, and rising oil prices. Meanwhile, fear of economic slowdown, higher cost of living and political issues also contributed to a drop in confidence.
In the meantime, a higher-than-expected 4Q21 GDP that was announced earlier, a 0.50% policy rate and stimulus package from the government sector could be a positive cushion for Thailand. The country is also easing inbound measures for Covid-19 test and a wide vaccination that continues should be able to boost confidence.
