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THAILAND: Politics Weighs On Confidence, Less Fiscal Stimulus To Consumers

THAILAND
EM BulletHomepageAPACPolitical Risk BulletBulletGlobalEmerging Market NewsRegionThailand

August consumer confidence moderated to 56.5 from 57.7, lowest since May 2023, with the economic component down to 50.2 from 51.7. Not only does growth in Thailand continue to underperform the rest of ASEAN, but sentiment was probably impacted by August’s political instability. 

  • There was significant political uncertainty in August, which likely weighed on sentiment by diminishing confidence in the system, although the issues were resolved quickly and smoothly. The new PM Paetongtarn took office on August 16 after former PM Srettha was removed by the Constitutional Court. On August 7, Move Forward, the winner of last year’s elections, was dissolved by the same court. 
  • Consumer confidence is signalling that consumption could slow further after it moderated to 4% y/y in Q2 from 6.9% and July posted its third consecutive annual contraction. 

Thailand consumer confidence vs private consumption y/y%

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August consumer confidence moderated to 56.5 from 57.7, lowest since May 2023, with the economic component down to 50.2 from 51.7. Not only does growth in Thailand continue to underperform the rest of ASEAN, but sentiment was probably impacted by August’s political instability. 

  • There was significant political uncertainty in August, which likely weighed on sentiment by diminishing confidence in the system, although the issues were resolved quickly and smoothly. The new PM Paetongtarn took office on August 16 after former PM Srettha was removed by the Constitutional Court. On August 7, Move Forward, the winner of last year’s elections, was dissolved by the same court. 
  • Consumer confidence is signalling that consumption could slow further after it moderated to 4% y/y in Q2 from 6.9% and July posted its third consecutive annual contraction. 

Thailand consumer confidence vs private consumption y/y%

Keep reading...Show less