Thai consumer confidence fell to 13-month low in August as growth slows By Reuters

BANGKOK (Reuters) – Thai consumer confidence fell for a sixth straight month in August to a 13-month low, weighed down by worries about slow economic growth and rising living standards amid uncertainty over a new government’s policies, it showed Thursday a poll.

The University of Thailand Chamber of Commerce’s consumption index fell to 56.5 in August from 57.7 the previous month, the university said in a statement.

Consumers continued to see the overall economic situation recovering slowly and the cost of living high, the university said.

“Consumers are less confident that the economy will recover quickly, although the current political situation has begun to stabilize, as they have yet to see clear and tangible economic stimulus measures from the government,” it said.

Confidence could improve if the government accelerates budget payments and stimulates the economy to clearly recover later this year, the university said.

Consumer confidence continued to slide as new Prime Minister Paetongtarn Shinawatra, who took office last month, presented his government’s policies in parliament on Thursday as he promised to boost the economy immediately.

The agenda is a continuation of the policies of her predecessor and Pheu Thai Party ally Srettha Thavisin, who was ousted by court order.

The government said this week it would distribute 145 billion baht ($4.3 billion), about a third of its “digital wallet” stimulus program this month, earlier than scheduled to support vulnerable groups.

The measure, 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 percent in the second quarter of 2024.

Last year’s growth was 1.9%, lagging behind those in the region.