BANGKOK, April 9 (Xinhua) -- Thailand's consumer confidence declined in March as soaring global energy prices amid ongoing conflict in the Middle East raised concerns about the impact on the domestic economy and living costs, a survey showed on Thursday.
According to a survey of 2,241 respondents conducted by the University of the Thai Chamber of Commerce, the consumer confidence index plunged to 51.8 last month from 53.7 in February, reaching the lowest level in six months.
The university said maritime disruptions in the Strait of Hormuz have pushed up shipping costs, contributing to the falling sentiment. These developments are likely to have a negative impact on Thai exports and the overall economic outlook going forward.
Volatile prices of crude oil and related petroleum-based products have escalated living expenses, prompting some households to adjust their spending plans or slightly postpone investment, the university said in a statement.
However, domestic political factors have started to become clear following the re-election of Thai Prime Minister Anutin Charnvirakul and the endorsement of his new cabinet, said Thanavath Phonvichai, president of the university.
Supporting factors also included improved political stability along with expectations toward policies and economic stimulus measures from the incoming administration, Thanavath told a news conference. ■
