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12 Jun 2023

Thai Economy

KR-ECI was static in May 2023 after declining for two consecutive months; Thai households were less concerned about expenses and product prices but were more worried about income

  • Falling product prices, especially in the energy category, have led to easing concerns among Thai households about expenses and prices of goods. However, worries rose about their income due to a decline in sales or operating profit as the persistently high cost of living put pressure on consumer purchasing power, reflecting that the Thai economic recovery remains uneven. KR-ECI in May 2023 was thus stable at 34.8, compared to the previous month.
  • Additionally, KResearch’s survey results regarding how households plan to cope with rising electricity charges and hot weather show that a high percentage of households (84.5 percent) have opted to reduce their electricity consumption at home. Plus, most households (37.0 percent) have an improved outlook towards a potential decrease in power bills following implementation of the new government’s policies.
  • Looking ahead, Thailand’s economic recovery, driven by increasing number of foreign tourist arrivals, will further boost household employment and income which are key components of the KR-ECI. However, the improvement of KR-ECI remains fragile amid challenging factors both at home and abroad, especially domestic political uncertainty that must be monitored and a global economic slowdown that is exerting pressure on the country’s exports.

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Thai Economy