Industrial sector concerned about Thai consumers’ declining purchasing power

BANGKOK, June 18 (TNA) – Federation of Thai Industries (FTI) chairman Payungsak Chartsuthipol on Thursday said the industrial sector was concerned about a sign of declining purchasing power arising from Thai consumers’ lack of confidence following the recent political mayhem and the ongoing drought.

He said the drought would affect Thailand’s agricultural output both positively and negatively. The decline in output would help increase commodity prices, but the water shortage will cause great hardship to farmers.

The service sector, particularly tourism, earned less revenue as it had been impacted by the recent political turmoil.

Regarding production for export, he said, purchase orders continued increasing although producers are worried about global economic conditions and the labor shortage.

The FTI chief said what the government should do urgently now is to accelerate restoring public and investor confidence that Thailand has already returned to peace and order.

Mr Payungsak said FTI gave importance to the matter by having its members send letters to their partners overseas to explain what happened to Thailand recently.

Various measures were also implemented to build up investor confidence in Thailand’s industry and business strength.

On investment suspensions in the Mab Ta Put industrial estate, he said, the problem had already been addressed ‘half way’.

He believed many investment projects would be allowed to resume their operations late this year. (TNA)