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.
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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