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Political uncertainty weighs on Thailand’s consumer confidence

Thailand’s consumer confidence index (CCI) for the month of April sank to its lowest level in 16 months, dragged down by mostly by political uncertainty

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Thailand’s consumer confidence index (CCI) for the month of April plunged to 79.2 points – the lowest in 16 months.

Mr. Thanawat Pholvichai, director of the economic and business forecast centre at the University of Thai Chambers of Commerce (UTCC), said that Thai consumers were worried about several ongoing issues.

Those issues include concerns over political uncertainty, slow domestic economic recovery and the global economic slowdown.

Political uncertainty and falling farm product prices

The price reductions of numerous farm products, domestic political uncertainty, plus concern over the Brexit issue, have all combined to have an effect on the consumer confidence, said Thanawat.

However, he pointed out that the most significant negative factor for the month of April was the Fiscal Policy Office’s downward adjustment of Thailand’s 2019 growth rate projection to 3.8% from 4% and the export growth forecast from 4.5% to 3.4%.

The UTCC’s economic and business forecast centre based its report on a survey of 2,242 consumers nationwide.

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Large Shopping Malls in Bangkok Will Be Closed until July 25th

Shopping malls under the Mall Group, including all branches of The Mall, the Emporium, Emquartier and Paragon Department Store, are also closed for 14 days, from today, except for supermarkets, food courts, pharmacy shops, eateries (take-out and delivery only), banks, mobile phone shops and vaccination sites.

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BANGKOK (NNT) – Large-scale shopping malls in Bangkok and in some dark-red zone provinces are now closed for two weeks, to comply with the latest COVID-19 curbs in 10 provinces.

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Downside risks loom for Thai economy due to Prolonged COVID-19 Outbreak

The most important issue for the Thai economy at present would be the procurement and distribution of appropriate vaccines adequately and timely.

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The Bank of Thailand (BoT) has revealed that Thailand’s economy faces significant downside risks, because a prolonged COVID-19 outbreak could cause the economy to underperform the baseline projection, squeezing business liquidity and slowing employment.

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