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10 May 2023

Thai Economy

KR-ECI hit a five-month low in April 2023 amid the high cost of living (Full Ed.)


        In April 2023, the KR-ECI fell to 35.8, from the 34.5 reported in the previous month, while the 3-month Expected KR-ECI remained static, suggesting that households were more concerned about the rising energy costs. Although inflation in Thailand has begun to decline, an additional survey conducted by KResearch shows that most households (58.8 percent) were still worried about the impacts of inflation on their spending, income and savings in April 2023. Moreover, the upward trend in interest rates caused households to be more concern about their debt burden. According to the additional survey, most households (76.5 percent) opted to avoid spending on luxury products.
       Looking ahead, although the robust recovery in Thai tourism may cause households to be optimistic about income and employment, it may not be sufficient to help bolster the KR-ECI over the near term due to numerous risks. These include the persistently high cost of living, driven mainly by electricity bills and interest rates, plus other factors that must be monitored closely, including a cost transfer from manufacturers to consumers, the Thai economic outlook, and uncertainties surrounding the global economy. 

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Thai Economy