The Center for Economic and Business Forecasting at the University of the Thai Chamber of Commerce (UTCC) said on Thursday that consumer confidence in October increased to 50.9 points from the government’s stimulus and rising agricultural product prices.
The consumer confidence saw an increase after it dropped to 50.2 points in September due to political tension inside the country which marked the first downturn in five months.
Thanavath Phonvichai, UTCC’s president, said that the consumer confidence was supported by the revision of the Fiscal Policy Office (FPO)’s GDP prediction to contract -7.7 per cent from -8.5 per cent.
The decrease in domestic oil prices, rising price among agricultural products, and government’s measures to revive the economy from COVID-19 impact are also the positive factors which boosted consumer confidence index.
Whereas, the risks include concerns about political instability, the second wave of COVID-19, high living cost, strengthening baht, and GSP trade suspension from the United States, said the UTCC.
Thailand’s economic sentiment index stood at 43.9 points, increased from 42.9 points in September, and the job-finding index was 49 points, up from 48.2 last month.
Meanwhile, the second phase of the co-payment scheme worth 1 trillion baht is set to launch early next year following a positive response to its first phase, said Arkhom Termpittayapaisith, the Finance Ministry.
The Finance Ministry is also considering increasing the number of registrants, but the final figure will be finalized by the Office of National Economic and Social Development Council (NESDC), said Arkhom.