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10 Apr 2023

Thai Economy

KR-ECI fell in March 2023; Thai households were more concerned about their debt burden

  • Based on KResearch’s survey conducted in March 2023, Thai households were more concerned about their debts, amid the trend of policy rate hikes and rising interest rates of commercial banks. Despite tourism recovery and decreasing product prices, households remain concerned about their living conditions. As a result, KR-ECI in March and 3-month Expected KR-ECI fell to 35.8 and 37.6, respectively, from 36.6 and 38.6 in February 2023.
  • Another survey conducted by KResearch on household spending in April 2023 with long holidays shows that a majority of households (56 percent) expect to spend more than the previous month, viewing it as a good time for celebrating with family and friends. Meanwhile, another group expect no increase in spending as costs of living remain high.
  • Looking ahead, KR-ECI may improve despite several risk factors, especially worries about higher debt repayments amid interest rate increases that affect household consumption. However, a strong recovery of the tourism sector remains a supporting factor for improved household perception towards income and employment.  

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Thai Economy