Thai consumer confidence reached its highest level in 46 months in December, according to a survey by the University of the Thai Chamber of Commerce (UTCC).
- Thai consumer confidence reached a 46-month high in December, driven by government measures to reduce living costs and increased tourism.
- The government’s digital wallet handout program, along with calls to cut interest rates, are aimed at boosting the economy and supporting small businesses and lower-income individuals.
- The government aims to achieve a minimum annual economic growth of 5%, with a forecasted growth of 2.4% in 2023.
The increase in consumer confidence is attributed to government measures to ease living costs and increased tourism. The government’s plans to boost the economy, including a digital wallet handout program and a call to cut interest rates, are expected to further increase consumer confidence.
Consumer confidence increased for the fifth consecutive month, indicating a potential for further growth, especially if the government can promptly implement its planned economic policies this year, according to the university.
The Thai government aims to achieve at least 5% economic growth each year, with a growth forecast of 2.5% for 2023.
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