Consumer Confidence Index soars to highest point in five months following lockdown easing, reopening
The overall Consumer Confidence Index (CCI) in October stood at 43.9, increasing from 41.4 in September and being the highest in the past five months, according to a survey by the University of the Thai Chamber of Commerces Centre for Economic and Business Forecasting.
"The CCI has been rising for two consecutive months following the Centre for Covid-19 Situation Administration’s decision to ease lockdown measures in red zone provinces as well as reduce nighttime curfew,” said Thanawat Polvichai, director of the centre, on Thursday.
"The announcement by the government to reopen selected tourist provinces from November 1, as well as a cap on the diesel price at Bt30 per litre also helped improve consumer confidence in the economic recovery."
Thanawat said that although the CCI has shown an improving trend, it is still far below the 100 level, which indicates consumers perceive that the economy is still recovering from the impacts of Covid-19.
The centre estimated that positive factors related to the Covid-19 situation, which include a decreasing number of new Covid-19 infections and deaths, an improving vaccination rate, easing of lockdown measures, and reopening of tourist provinces will spur people to spend and travel more toward the end of the year and thus improve the country's overall economic outlook in the fourth quarter.
"We estimate that this year's gross domestic product could expand by 1 to 1.5 per cent," Thanawat added.
