Thailand’s consumer sentiment recovered for the first time in 10 months in October, thanks to the government’s continued introduction of economic stimulus measures.
The University of Thai Chamber of Commerce said Thursday that the consumer confidence index rose to 73.4 in October from 72.1 in September, when the index hit its lowest level in 16 months. The monthly consumer confidence report is based on a survey of 2,244 respondents.
Thanavath Phonvichai, director of the university’s Economic and Business Forecasting Center, told a news conference that the government’s continued introduction of a series of economic stimulus packages has helped boost consumer confidence.
In the past few months, the Junta-installed government has unveiled a number of short-term economic stimulus measures, including a 136 billion baht ($3. 8 billion) package aimed at low-income households, a 10 billion baht ($282 million) budget to boost the property sector and new tax incentives for the private sector to speed up or increase investments.
Deputy Prime Minister Somkid Jatusripitak, who is in charge of the economy, said this week that the government is confident that all measures will start yielding fruit from the fourth quarter of this year.
Mr. Thanavath of the Thai Chamber of Commerce University said falling retail oil prices and a rebound on the Thai stock market have also helped improve sentiment.
However, he noted that while the university believes the country’s economy might have bottomed out, its growth outlook remains fragile.
The government has forecast the Thai economy will grow between 2.7% to 3.2% in 2015.