Consumer confidence slips in Thailand for sixth straightStaff Writer | July 9, 2016
The economy is at risk from rising unemployment and weakening consumer confidence, according to a survey by the University of the Thai Chamber of Commerce (UTCC).
Thai economy Worries about the impact of Brexit
The poll in June resulted in the sixth straight monthly decline in the Consumer Confidence Index (CCI), inching down from 72.6 points in May to 71.6 last month, the lowest in 25 months. A level below 100 reflects weak consumer sentiment.
"The decline in consumer confidence was due mainly to worries about the impact of Brexit on the Thai economy and export growth," Thanavath Phonvichai, director of the UTCC's Economic and Business Forecasting Centre, said yesterday.
Besides weak consumer confidence, rising unemployment is also worrisome, as the jobless rate in May exceeded 1 per cent for the first time since 2010.
According to the National Statistical Office, the unemployment rate in May was 1.2 per cent, with about 300,000-450,000 people out of work. The average unemployment rate for the past five years was 0.6-0.9 per cent. ■