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Thailand’s consumer confidence hits 25-month high

Bangkok (VNA) – Consumer confidence in Thailand increased for the seventh straight month in December 2022, reaching a 25-month high on the back of improved economic activity and an increase in foreign tourists, the University of the Thai Chamber of Commerce (UTCC) reported on January 12.

According to the UTCC, the consumer confidence index rose to 49.7 points in December from 47.9 in November.

Speaking at a press briefing on the same day, UTCC President Thanavath Phonvichai expressed the hope that the consumer confidence will gradually improve as the faster than expected arrival of Chinese tourists is a factor that is supporting the economy.

The economy is expected to grow 3.5% to 4% this year, he said.

The economy will continue to be driven by the vital tourism sector, which should see at least 22-25 million foreign tourist arrivals this year, he added.

Thailand expects to welcome at least 5 million Chinese tourist arrivals this year, as China reopens its borders.

In 2019, Thailand served nearly 40 million foreign tourists who spent 1.91 trillion baht (57.1 billion USD)