Oct Thai Consumer Confidence Lowest in Decade

Photo by Korbphuk Phromrekha

Thailand’s consumer confidence hit a 10-year low in October due to the worst floods in decades that shut thousands of business operations.

The consumer confidence index fell to 62.8 in October from 72.2 in September - a level last reached in the aftermath of the September 2001 attacks on the United States, a survey by the University of the Thai Chamber of Commerce's Economic and Business Forecasting Center showed on Novemer 10.

The flooding began in the north and northeast of Thailand in late July. It has run down to rice areas, overwhelming several industrial estates and now put the capital itself in danger. Residents in Bangkok have been advised to get out as floodwater strewn with trash moves slowly south.

The Bank of Thailand earlier cut its 2011 economic growth forecast to 2.6% from 4.1% following the floods, and warned of further cuts as the impact of the disaster on growth is likely to be greater than it previously estimated.

Piyarat Setthasiriphaiboon

10 Nov 2011