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17 Apr 2020

Thai Economy

March KR-ECI Fell for Third Consecutive Month Amid Sagging Household Savings and Income

  • ​March KR-ECI and 3-month Expected KR-ECI slipped for three months in a row as households were more concerned towards income, employment, savings and expenses (excluding debt). However, households were less anxious about goods prices because of a substantial decline in domestic energy costs. Households overall were also less worried about debt burdens as some of them sought a debt moratorium with commercial banks after they were hard hit by the COVID-19 pandemic.
  • The KR-ECI declined quite sharply in March due partly to the fact the survey had been conducted before the government’s approval of a number of relief measures on April 7, 2020. Close attention, therefore, must be paid to the KR-ECI in April as it will reflect various issues concerning the government measures.
  • ​​KResearch views that economic and living conditions of Thai households during the remainder of 2020 (April-December) will depend primarily on developments of the COVID-19 pandemic and government relief measures, especially those related to income and employment. These issues warrant close monitoring ahead.

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