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Economics

Easing of Covid-19 Restrictions Helps Boost Retail Sentiment Index

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BANGKOK (NNT) – Thailand’s Retail Sentiment Index surged by 43 per cent in February compared to January due to the government’s moves to ease Covid-19 restrictions.

Thai Retailers Association Chairman Yol Phokasub said the association and Bank of Thailand conducted an online survey from February 15 to 23 on over 27,000 retailers nationwide, and found that same-store sales, spending per bill and frequency of shopping rose month on month.

He said consumer traffic and purchasing power increased as people’s uncertainty over Covid-19 infections eased and many retail stores reopened. Confidence in restaurants, food and beverage stores also increased, pushing up the average sales value.

He called on the government to boost retailers’ liquidity by reducing taxes, granting soft loans and offering hourly employment as the association expects retailers to be able to run their businesses for six months based on their remaining cash in hand.

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Economics

World Bank lowers Thai GDP growth outlook to 2.2%

In the Thailand Economic Monitor released today, the World Bank adjusted its outlook on Thailand’s economic growth this year to just 2.2% from its previous forecast of 3.4%.

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BANGKOK, July 15, 2021 – Thailand’s economy continues to take a heavy toll due to the COVID-19 pandemic and is projected to expand modestly at 2.2 percent in 2021, revised down from the 3.4 percent growth projected in March, according to the World Bank’s latest Thailand Economic Monitor “The Road to Recovery” published today.

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Economics

Thailand’s Economy and COVID-19: Five Things to Know

Thailand’s GDP fell by 6.1 percent in 2020, the largest contraction since the Asian financial crisis. The tourism sector, which accounts for about a fifth of GDP and 20 percent of employment, has been especially affected by the cessation of tourist travel.

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Like many countries, Thailand’s economy was hit hard by the COVID-19 pandemic last year. The country’s GDP fell by over 6 percent in 2020 and many workers, especially those related to the tourism sector, lost their jobs.

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