Consumer Confidence in Thailand surged to a 20-month high in November as most business sectors began to show signs of recovery and tourism continued to grow strongly since the country’s reopening.
The University of Thai Chamber of Commerce (UTCC) reported on Thursday that the consumer confidence index increased to 47.9 in November from 46.1 in October, marking the sixth straight month of growth and the highest level since April 2021.
Thanavath Phonvichai, president of the UTCC, stated that consumers believed the overall economy was improving as most business sectors resumed operations after Thailand reopened its borders and foreign travelers gradually returned.
However, consumers in Thailand are still anxious about rising living costs as a result of the Russia-Ukraine war, and many central banks around the world are increasing interest rates to combat inflation.
An index lower than 100 points indicates a sluggish economic recovery and weak purchasing power.