Business confidence in Thailand increased to 50.70 points in March from 47.80 points in February, surpassing the 50-point level for the first time in a year, the Bank of Thailand reported on Friday.
The bank said that a surge in business confidence is attributed to the global economic recovery, led by the electronics manufacturing industry.
Besides the manufacturing sector, sentiment in the hotel and restaurant industry also surpassed the 50-point level for the first time since the COVID-19 outbreak began. It was because the government has continued to loosen COVID control measures.
However, as a result of the sanctions against Russia, which have increased energy and natural resource prices, as well as a semiconductor shortage and concerns about maritime shipping, operators’ cost confidence has dropped to its lowest level since 2008.