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14 Feb 2023

Econ Digest

Thailand’s economic recovery trend boosted the KR-ECI up in January 2023, with Thai households’ perception of income and employment improving

  • In January 2023, the KR Household Economic Condition Index (KR-ECI) and the 3-month Expected KR-ECI improved to 35.1 and 37.8 respectively, from 34.7 and 37.1 in December 2022. This is in line with the improvement of Thai households’ perception of income and employment due to Thailand’s continued economic recovery driven by the tourism sector.
  • KResearch has conducted an additional survey on how households cope with the high cost of living and found that 37.7% of surveyed households indicate that they have reduced spending on luxuries or unnecessary items, and 20.5% have reduced energy consumption such as electricity. In addition, households have adopted other ways to cope with the high cost of living such as avoiding incurring new debts and earning more income/doing additional work.
  • Going forward, the economy and household living conditions will recover in line with the Thai economic recovery, mainly driven by the tourism sector; such recovery will boost domestic employment and income. In addition, there is a supporting factor from the government stimulus measures such as the fifth phase of the “We Travel Together” program. However, the KR-ECI’s recovery remains fragile amid a global economic slowdown that could affect the Thai economy, especially in export-related sectors, as well as the persistently high cost of living and limitations of government measures to subsidize the cost of living.

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Econ Digest