Thai consumer confidence rises in November on stimulus measures

BANGKOK : Thai consumer confidence rose for a second consecutive month in November, bolstered by government economic measures and tourism, a survey showed on Thursday.

The consumer index of the University of the Thai Chamber of Commerce increased to 56.9 in November from 56.0 the previous month, the university said.

Consumers started to believe that the economy will recover in the future, it said.

"The confidence index should have passed its lowest point and gradually improve, following improving economic signals," university president Thanavath Phonvichai told a press conference.

In late September, the government rolled out the first phase of its flagship $14 billion stimulus scheme, which aims to deliver 10,000 baht ($296) each to about 45 million people. The first tranche reached about 14.5 million people.

The government has said the second phase of the handout for 4 million people will be implemented by January.

On Thursday, Prime Minister Paetongtarn Shinawatra said the third phase of the handout scheme would be implemented next year but gave no details.

Thailand recorded 32.7 million foreign tourists between Jan. 1 and Dec. 8, up 28 per cent annually, and they spent 1.54 trillion baht ($45.6 billion), tourism ministry data showed.

On Wednesday, Finance Pichai Chunhavajira said the economy was expected to grow 4 per cent in the final quarter of this year and expand 2.8 per cent for the whole of 2024.

Last year's growth was 1.9 per cent.

($1 = 33.79 baht)