Consumer confidence dropped for a fifth straight month in July, falling to its lowest level since September last year on concerns over the slow rate of economic recovery and political uncertainty, according to a survey carried out by the University of the Thai Chamber of Commerce (UTCC).
Thanavath Phonvichai, president of the UTTC, said the consumer confidence index dipped to 57.7 in July, from 58.9 in June.
Consumers were worried about the economy which was still recovering because no clear stimulus measures had been announced yet.
Furthermore, they are concerned about future political instability, especially the dissolution case brought against the Move Forward Party.
The Constitutional Court will also hand down its verdict on Aug 14 in a case seeking the dismissal of Prime Minister Srettha Thavisin.
Moreover, consumers are increasingly worried about the global economic slowdown, rising energy prices and a prolonged conflict in the Middle East.
A separate survey of chamber members from across the country edged down to 52.2 in July from 54.2 in June, surpassing the average of 50, which reflects confidence in the overall economy including consumption, trade and investment.
Mr Thanavath said the digital wallet scheme is expected to be distributed in December, with estimated usage of up to 80% anticipated in the first month, which would result in 2-2.5 billion baht of money in circulation and up to 3-4 billion baht within the first three months.
The UTCC projects the Thai economy to expand in a range of 2.6-2.8%, higher than the previous estimate of 2.4-2.6% or the midpoint of 2.5%.
However, the removal of Mr Srettha could slash Thailand's economic growth to 2%.