Consumer’s confidence Index (CCI) for the month of January increased to 80.0 from 79.2 a month earlier, representing the highest for the past 36 months.
Mr Thanawat Pholvichai, director of the economic and business forecast centre of University of Chamber of Commerce, said Monday that CCI increased steadily for the last six months to 80.0 in January – the highest for the past 36 months.
He attributed the steady rise of CCI to anticipation that the GDP for this year would be 4.2 percent and exports to grow by about 5 percent,with tourist arrivals for this year estimated at 37 million.
However, Mr Thanawat warned about the negative factors from cost of living and baht appreciation which could hinder export growth.
Driven by tourism and export growth, Thai economy for the month of December continued to expand from a month earlier, said Mr Don Nakorntap, senior director of macro-economics of the Bank of Thailand, said on Wednesday.
For the month of December, he said that export grew 9.3 percent while the number of incoming tourists for the same month increased 15.5 percent from November’s figure, especially tourists from China and Malaysia whereas more tourists from Russia were also reported.
Mr Don said export and tourism would be the key players to further drive the economy this year which is in line with the trend of economic recovery abroad.
However, he added that the role of the two players would decline somewhat this year and replaced by domestic consumption which is expected to pick up while government spending
Thailand’s economic growth expected to return to 2019 levels in mid-2023
Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.
The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.(more…)
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