Thai consumer confidence at 17-month low

Thai consumer confidence dropped for a seventh consecutive month in September to a 17-month low, due mainly to concerns about slow economic growth and floods in parts of the country, a survey showed on Thursday.
The index compiled by the University of the Thai Chamber of Commerce fell to 55.3 in September from 56.5 in the previous month, the university said in a statement.
Confidence was hurt by flooding and also high living costs, despite recent government handouts for millions of people, it said.
“The floods have a psychological impact, overshadowing the positive sentiment of the handout scheme,” university president Thanavath Phonvichai told a briefing.
The government last month launched the first phase of its flagship handout of 10,000 baht for recipients to spend within six months, aimed at sparking economic activity.
The initial phase covered 14.5 million welfare cardholders and disabled people, who received their handouts in cash and not digital money as officials had been planning earlier.
The scheme is the cornerstone of the government’s plans to kickstart Southeast Asia’s second-largest economy, which expanded by a modest 2.3% in the second quarter of 2024.
The Bank of Thailand predicts 2.6% growth this year, after last year’s 1.9% expansion that trailed regional peers.