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3 Aug 2023

Thai Economy

KR-ECI improved in July 2023; Thai households’ decreased concerns were reflected across all components of KR-ECI amid Thailand’s economic recovery. Meanwhile, 3-month Expected KR-ECI remained steady amid persistently high uncertainties.

  • In July 2023, KR-ECI rose to 36.0, from 35.0 reported for June 2023. Household concerns decreased across all components of KR-ECI amid the recovery of Thailand’s economy and tourism, which help boost income and employment. Plus, pressure from cost of living, especially fuel prices, remained relatively stable.
  •  KResearch conducted an additional survey on household concerns about living conditions in the second half of 2023. The results show that the top three concerns among households are: 1) persistently high living costs such as electricity bills; 2) income/employment; and 3) increased debt burden such as higher debt incurred and rising lending rates.
  • Looking ahead, KR-ECI is expected to further improve in line with the Thai economic growth, driven mainly by the tourism sector. However, any potential improvement remains fragile amid challenging factors both at home and abroad including a global economic slowdown and volatile weather conditions. Meanwhile, the formation of a new government must be monitored closely.

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Thai Economy