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13 Jan 2023

Econ Digest

High cost of living continues to put pressure on the KR-ECI in December 2022, but the government measures to boost spending and the tourism sector bolster the future prospects of the KR-ECI

  • In December 2022, the KR Household Economic Condition Index (KR-ECI) slightly decreased to 34.7 from 35.0 in November 2022, as households remain concerned that their livelihoods are under pressure from the high cost of living. However, thanks to an improved perception of employment, the 3-month Expected KR-ECI improved to 37.1 from 36.4 in November 2022.
  • KResearch has conducted an additional survey on employment at various organizations and found that 43.1% of respondents indicate no change in employment situation, an increase from the survey results conducted early in 2022 before Thailand’s full reopening. In addition, the results also show that households remained concerned about the cost of living, such as rising electricity bills (27.3%), employment/income and reemergence of COVID-19.
  • The economic recovery and household livelihoods show signs of improvement, but remain volatile amid various risk factors, including the rising cost of living due to producers passing on prices to consumer, the limitations of government measures to subsidize the cost of living, a global economic slowdown that may affect Thai economic recovery through a slowdown in the export sector. However, there are still supporting factors from the tourism sector and government measures to boost spending and travel, such as Shop Dee Mee Kuen (shopping with refunds) and We Travel Together, especially during the first half of 2023 when Thailand is expected to have a general election.

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Econ Digest