The KR Household Economic Condition Index (KR-ECI) in August
2020 and the 3-month
Expected KR-ECI stood at 36.4 and 38.4 respectively, increased from the survey
in July 2020, suggesting that the perception of households towards living
conditions improved in line with the relaxation of lockdown measures. Households
had better perspectives on the employment situation and compensation as a
result of the domestic tourism stimulus measures and the Phase 6 relaxation of
preventive measures. Although the measures have been eased to a normal level
which is close to the conditions before the COVID-19 pandemic, many
economic activities have not reached their full potential since international
tourists are not allowed to enter Thailand yet. As a result, employment risk
persists, which may affect household spending and economic recovery in the
future.
However,
the 3-month Expected KR-ECI suggests that households are more concerned about living
expense burdens in the next three months, which could be caused by the rising
trend of the prices of goods. In particular, prices of raw foods increased in
August, especially for fresh vegetables which climbed to a 13-month high, as
heavy rains damaged crops. In addition, households remain cautious with their
spending, reflected by the survey results regarding the decision to purchase
durable goods, as most respondents reported to have decided to delay or stop
buying durable goods under the current economic situation as a result of a decrease
in regular income.
Although the current KR-ECI and the 3-month
Expected KR-ECI have increased from the previous month and may have passed their
lowest point, these indexes remain lower than the levels in the period before
the COVID-19 outbreak in Thailand, suggesting that the perception of households
towards economic and living conditions has not returned to normal levels.
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