In addition, households have expectations of the government’s economic stimulus measures for the rest of the year. In addition, the end of the year, which is considered Thailand’s tourist season, will continuously increase income for tourism and related industries .
The Kasikorn Research Center predicts that this year There will be about 10 million foreign tourists traveling to Thailand (as of October 2022, there were 7.3 million people).
However, in the future, Thai families are even more concerned about their savings, which are expected to come from the impact of the floods more than their monthly income, so more savings may need to be spent.
for the rest of the year Economic conditions and household livelihoods will be supported by a recovery in the tourism sector, supported by employment. Including government measures that help ease the cost of living, such as fixing the electricity bill. Reduction of the rate of social security contributions and measures to stimulate spending
But it still faces many important risk factors such as the direction of the hike in policy rates (in Nov. ’22 it is expected to increase to 1.25%) could start hitting households due to a higher pass-through in interest rates by commercial banks. Especially in terms of loans which may tend to be less flexible for retail customers.
Furthermore, we still need to continuously monitor the gradual pass-through of costs from producers to consumers, as well as the impact households receive from the flood situation, which can impact costs. income and employment Including future savings
However, several government stimulus measures need to be monitored, which should become clearer in November. This, for example, is a tax relief measure. measures to stimulate spending and tourism, etc.
