Thai September Consumer Mood Hit 8-Month High, Boosted by Improved Economic Activity

Consumer confidence in Thailand hit a new eight-month high of 44.6 in September, up from 43.7 the previous month, lifted by improved economic activity following further easing in Covid-19 restrictions, data showed on Wednesday.

According to the University of the Thai Chamber of Commerce, the index has risen for the fourth month in a row.

Supporting factors include a new economic stimulus package aiming at mitigating the effects of Covid-19, further relaxation of pandemic restrictions, rising minimum wages since October 1, decreased oil prices, and increased exports in August.

Thailand’s economic recovery would not be impacted by a worldwide slowdown, according to the government.

Recent statistics showed that Q2 was the best quarter for economic growth in Thailand in over a year, thanks to a rise in consumer spending and a surge in tourism.

Thai headline inflation is expected to remain high throughout 2022, according to the minutes of the Thai central bank meeting on Wednesday.

The minutes also showed that the central bank expected the Thai economy to return to pre-Covid level in 2023 as well as inflation to return to target in the same year.