Business confidence rises for third straight month

Business optimism is rising in Thailand. The impact on the country’s economy from the Covid-19 pandemic has started to spin around, as those engaged in commerce are betting on better days since the Business Confidence Index rose for the third straight month in August.

The University of the Thai Chamber of Commerce (UTCC), which surveys businesspeople to calculate the index results, said that sentiment was boosted by the relaxation of coronavirus lockdown measures, higher farm product prices, and a recovery of sales for pickups, electrical appliances and agricultural machines.

“Business people agree that the economy is recovering from the second quarter,” said Thanavath Phonvichai, UTCC Rector. “They are optimistic on the economy getting better thanks to the government’s myriad stimulus measures covering tourism and job creation.” The index rose to 32.6 in August from 31.8 in July and 31.5 in June.

Thanavath also noted that retail sales were starting to climb, a positive sign of a gradual recovery.

Prime Minister Prayut Chan-o-cha said that for the next two years, Thailand’s national strategy should focus on community-level economic development, enhancing competitiveness, upgrading human resources and infrastructure development.

“The government already set aside $12.6 billion to sponsor those efforts, in part to rehabilitate the country’s virus-hit economy. Over 2021-2022, the National Economic and Social Development Council (NESDC) needs to focus on screening projects that address those four issues,” the Prime Minister said.

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