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6 Jul 2023

Thai Economy

KR-ECI remained stable in June 2023; Thai households were less concerned about product prices and expenses but were more worried about income and savings

  • In June 2023, KR-ECI and 3-month Expected KR-ECI remained static at 35.0 and 38.6, respectively, compared to the previous month. Falling product prices, especially in the energy category, have led to easing concerns among Thai households about prices of goods and expenses for the third consecutive month. However, households were more worried about their income and savings due to uneven economic recovery and volatile weather conditions.
  • KResearch conducted an additional survey on household concerns about potential effects of the El Niño phenomenon that may intensify this year and persist until 2024. The results show that most households (47.6 percent) are very worried about the impacts. Higher electricity bills in line with increased electricity consumption is their top concern (26.5 percent).
  • In 2H23, the KR-ECI is expected to improve in line with the recovery of Thailand’s economy and tourism sector. However, any potential improvement remains fragile amid challenging factors such as cost pass-through from producers to consumer prices, persistently high lending rates, global economic slowdown, and volatile weather conditions. Meanwhile, the formation of a new government must be monitored closely.

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Thai Economy