In June, Thai consumer confidence experienced a downhill trend for the fourth consecutive month, reaching its lowest point since September of the previous year. The decline, attributed to worries surrounding an economic deceleration and political ambiguities, was highlighted in a survey published on Thursday.
According to the University of the Thai Chamber of Commerce, the consumer index, dipped to 58.9 in June from 60.5 in May, as stated in a university release. Consumers expressed concerns about the instability in politics following a court case that could potentially result in the removal of the prime minister. Additionally, the perceived economic stagnation or slow recovery was attributed to the absence of clear stimulus measures.
The uncertainty surrounding the economy’s prompt revival amidst the escalating political uncertainties has left consumers apprehensive, according to the university. The institution suggested that an acceleration in budget disbursement by the government and strategic economic stimulation could prompt an upturn in consumer confidence later in the year.
The Constitutional Court of Thailand has set July 24 for the upcoming hearing on a case seeking the ouster of Prime Minister Srettha Thavisin. A verdict is expected before September, with the possibility of Srettha’s removal necessitating the establishment of a new government and the nomination of a new prime ministerial candidate by his ruling Pheu Thai party for parliamentary approval.
Thailand’s economy, the second-largest in Southeast Asia, registered a 1.5% growth in the first quarter year-on-year, a slowdown from the 1.7% expansion witnessed in the prior quarter.
