Thai consumers are turning increasingly negative. The consumer confidence index dropped to the lowest level in seven years in April.
“People are concerned about political instability and worsening economic conditions,” Thanavath Phonvichai, an economist at the University of the Thai Chamber of Commerce, said at a press briefing today.
“Confidence is still on the down-trend and we probably won’t see a pickup until the third quarter”, said Thanavath.
Thai Finance Minister Finance Minister Korn Chatikavanij said earlier that the economy may have contracted as much as 6 percent in the first quarter.
For the year, he forecasts gross domestic product may shrink as much as 3.5 percent. The government predicts the number of jobless may double this year.
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