Thai consumer confidence fell to a 17-month low in September By Reuters

BANGKOK (Reuters) – Thai consumer confidence fell for a seventh straight month in September to a 17-month low, mainly due to concerns over slow economic growth and flooding in parts of the country, a survey.

The University of Thailand Chamber of Commerce’s consumption index fell to 55.3 in September from 56.5 the previous month, the university said in a statement.

Confidence has been hit by the floods and also by the high cost of living, despite government deals for vulnerable groups, the university said.

“The floods have a psychological impact, overshadowing the positive feeling of the relief scheme,” university president Thanavath Phonvichai told a news conference.

The government last month launched the first phase of its flagship $14 billion stimulus scheme, which will eventually see some 45 million people receive 10,000 baht ($298) each to spend within six months, with the aim of triggering economic activity.

In the initial phase, 14.5 million welfare cardholders and people with disabilities will receive their cash slips.

The scheme, which was scheduled to be launched in the last quarter of this year, is the cornerstone of the government’s plans to launch Southeast Asia’s second-largest economy, which is expanding by 2.3% in the second quarter of 2024.

The central bank predicts growth of 2.6 percent this year, following last year’s 1.9 percent expansion, which was followed by regional peers.

($1 = 33.5300 baht)