Thailand’s consumers’ confidence in March dropped to the lowest points in more than 21 years due to the impacts of the COVID-19 pandemic, says the University of the Thai Chamber of Commerce (UTCC).
UTCC president Thanavath Phonvichai told a briefing on Thursday that a university survey showed the consumer confidence index plunged to 50.3 in March, down from 64.8 in February.
The index is the lowest reading in 21 and a half year or since the survey began in October 1998 during the Asian financial crisis.
Economic loss from the COVID-19 in the first half of 2020 could reach THB1-1.5 trillion as it impacted spending, tourism, and economic activities, he said.
With the lockdown measures, at least THB5 billion worth of consumer spending vanished each day, he said.
Thailand’s tourism industry would lose at least THB600 billion in revenue in the first half of this year, said Thanavath.
He predicted the Thai economy to shrink 4-6 percent this year while hoping for positive results of the government's THB1.9-trillion relief package.