Consumers' spending in Thailand on the rise

BANGKOK, July 3 (TNA) - Bangkok-based University of the Thai Chamber of Commerce's Center for Economics and Business Forecasting, reports that omestic consumption has been rising, thanks to the more stable domestic political situation. The center's director, Thanawat Pholvichai, explained on Thursday that the Thai army-led National Council for Peace and Order (NCPO) is curbing people's costs of living by freezing cooking gas and diesel prices, boosting the Thai economy and purchasing power nationwide, as rice growers have received money for their grains earlier pledged with the government. Thanawat acknowledged that Thailand's consumer confidence index (CCI) increased for the second consecutive month in June, 2014, to 75 up from 70 in May. its highest level in eight months after last November 2013. Thanawat attributed the CCI rise to people's confidence in the more domestic political stability, with the index of consumers' confidence in Thai politics alone rose to 81, its highest in 26 months. Thanawat, thus, forecast that the Thai economy should now grow by 2-3 per cent this year, urging the junta to, however, continue national economic stimulus measures and ensure quick disbursements of state budgets, as people's spending in provincial areas starts to lose its momentum despite the payment for pledged rice to local farmers. (TNA)