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Thai consumer confidence hits 9-mth low in June on economic, political concerns

Published 07/11/2024, 01:09 AM
Updated 07/11/2024, 01:11 AM
© Reuters. FILE PHOTO: An employee is seen inside the Gourmet Market supermarket in Bangkok, Thailand May 20, 2017. REUTERS/Jorge Silva/File Photo

BANGKOK (Reuters) - Thai consumer confidence dropped for a fourth straight month in June to its lowest level since last September due to concerns about an economic slowdown and political uncertainty, a survey showed on Thursday. The consumer index of the University of the Thai Chamber of Commerce fell to 58.9 in June from 60.5 in May, the university said in a statement.

Consumers felt that politics became unstable following a court case that could potentially lead to the dismissal of the prime minister, and that the economy was slowing down or recovering slowly because a lack of clear stimulus measures, the university said.

"Consumers are unsure whether the economy will recover quickly or not, especially when the current political situation is becoming more uncertain," it said.

Consumer confidence might improve if the government speeds up budget disbursement and stimulates the economy to recover quickly later this year, the university said.

Thailand's Constitutional Court on Wednesday set July 24 as the next hearing date for a case seeking the dismissal of Prime Minister Srettha Thavisin. The court said earlier this month that the case would reach a verdict before September.

© Reuters. FILE PHOTO: An employee is seen inside the Gourmet Market supermarket in Bangkok, Thailand May 20, 2017. REUTERS/Jorge Silva/File Photo

If Srettha is removed from office, a new government must be formed and his ruling Pheu Thai party would need to put forward a new candidate for premier to be voted on by parliament.

Southeast Asia's second-largest economy grew 1.5% in the first quarter from a year earlier, slowing from the 1.7% expansion in the prior quarter.

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