Thai Confidence Rises for First Time in Five Months
Written on July 9, 2009
Thailand’s consumer confidence rose in June for the first time in five months amid signs the worst of the economic recession has passed.
The index advanced to 65.4 from 64.3 in May, the University of the Thai Chamber of Commerce said today in Bangkok. The gauge is tracking a nationwide survey of 2,245 respondents.
“The rebound is based on hopes that the government’s economic stimulus packages will help create jobs and boost local demand,” Thanavath Phonvichai, an economist at the university, said at a press briefing today.
Thailand’s policy makers, who have slashed borrowing costs and pledged more than 1.4 trillion baht ($41 billion) of investments through the end of 2012, have begun saying their economy may be past the worst of the global recession. Domestic political protests have become more orderly since demonstrations triggered the cancellation of an April meeting of Asian leaders.
The benchmark SET Index of stocks pared a loss of as much as 0 no teletrack payday loans.5 percent after today’s confidence figures were announced, and was 0.1 percent higher as of 11:52 a.m. in Bangkok. The baht was little changed at 34.08 per dollar.
Prime Minister Abhisit Vejjajiva has pledged to call elections once stability is restored in the nation of 66 million people. Anti-government protesters say his rule is illegitimate because he came to office after a court dissolved the former ruling party.
Power in Thailand has shifted between parties allied to former Prime Minister Thaksin Shinawatra and his opponents since the 2006 coup that ousted him, hurting the ability of successive governments to implement spending plans.
The central bank’s benchmark interest rate of 1.25 percent is at the lowest level since July 2004 after policy makers reduced it by 250 basis points over four meetings between December and April.
Filed in: money.