Thailand’s customer confidence index for July has hit the lowest level in 22 years and 10 months as the Covid-19 domestic situation is worsening, risking a total decline in GDP of 2 percent.
Thanawat Phonwichai, President of the University of the Thai Chamber of Commerce (UTCC), revealed the results of the consumer confidence survey in July 2021 that the confidence index has plummeted to the lowest level in all categories in 274 months due to concerns about the fourth Covid-19 outbreak and the government’s partial lockdown and curfew measures in 29 provinces, coupling with concerns about the deteriorating political situation and the delay in vaccination allocations that could obstruct business growth.
The overall customer confidence index, the confidence index in job opportunity, and the confidence index in future income were at 35.3, 38.0, and 49.6 respectively, decreasing from June which were at 37.3, 40.0, and 52.1 respectively. Generally, the index is still below average which was at 100.
The decline in all consumer confidence indexes in July, therefore, has resulted in the Consumer Confidence Index declining from 43.1 to 40.9, the lowest since the survey being conducted in October 1998.
The survey significantly indicated that consumers still think the overall economic situation is unchanged and are worried about the worsening Covid-19 outbreak in Thailand and around the world. The concerns will hugely have an impact on domestic purchasing power, the tourism sector, export sector, overall business, and future employment, and will continue to undermine consumer confidence at present and in the near future.
UTCC President Thanawat stated: “Customer confidence has been declining for the fifth consecutive month while the daily infections of Covid-19 has exceeded 20,000 people, causing people anxiety. The partial lockdown measures that have been extended and expanded in more provinces would also cause more economic damage to about 3-5 hundred billion baht.”
“Now, we only have to hope for the situation to be under control within one month. If not, the government needs to urgently borrow an additional five hundred thousand to 1 trillion baht for more financial remedies and measures in order to sustain the domestic economy and not to be more severely affected than it is now.”
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