BANGKOK, June 12 (Xinhua) -- Thailand's consumer confidence dropped for a fourth straight month in May, reaching the lowest level in 27 months, due to concerns over global trade tensions and a fragile domestic economic recovery, a survey showed on Thursday.
According to the survey of 2,242 respondents conducted by the University of the Thai Chamber of Commerce, the consumer confidence index fell to 54.2 last month from 55.4 in April as all components of the index decreased.
Deterioration in consumer sentiment was attributed to the U.S. tariff-fueled trade war and a slowdown in Thai economic growth, despite government stimulus efforts and easing monetary policy through two interest rate cuts by the central bank since the start of the year, said the university's president Thanavath Phonvichai.
Consumer confidence, potentially in its downward trend, was also negatively impacted by the difficulty consumers face in accessing credit amid high household debt and local political uncertainties, Thanavath told a press conference.
"From the consumers' perspective, the current situation clearly indicates that the Thai economy is not good, with no signs of recovering," he said.
The Southeast Asian country's state economic planning agency in May adjusted its gross domestic product growth forecast to between 1.3 percent and 2.3 percent this year, down from 2.3 percent to 3.3 percent projected earlier. ■
