Consumer Confidence on the Rise

In a recent survey, Thai consumer confidence showed a second consecutive month of increase in November, primarily driven by government economic measures and a surge in tourism.

Economic Measures and Tourism Impact

The consumer index, as reported by the University of the Thai Chamber of Commerce, rose to 56.9 in November from 56.0 in the previous month. This rise reflects the growing belief among consumers that the economy will recover in the near future.

Government Stimulus Package: In late September, the Thai government implemented the first phase of its $14 billion stimulus scheme, aiming to distribute 10,000 baht each to about 45 million people. The first phase benefited approximately 14.5 million people, with plans for the second phase to be rolled out by January.

Tourism Growth: Thailand has seen a significant increase in foreign tourists, recording 32.7 million between January 1 and December 8, up 28% annually. These tourists contributed 1.54 trillion baht to the economy.

Economic Outlook

The Thai government anticipates a 4% economic growth in the final quarter of this year and a 2.8% expansion for the whole of 2024. This outlook is more optimistic compared to last year's growth of 1.9%.