The consumer confidence index from the University of the Thai Chamber of Commerce fell to 54.2 in May 2025, a decrease from 55.4 in April. This represents the fourth consecutive month of decline, reaching the lowest level since March 2023. The decline underscores the fragile nature of the economic recovery and growing concerns about potential US tariffs. Thailand is at risk of facing a 36% tariff from the United States if no agreement is achieved before the moratorium deadline on July 8. The Ministry of Finance recently revised its 2025 GDP growth forecast down to 2.1% from a previous estimate of 3.0%, attributing the change to US trade measures and a broader global economic slowdown. In 2024, Thailand’s economy experienced a growth of 2.5%, which fell slightly short of the 2.6% official target. Additionally, consumer prices decreased by 0.57% year-on-year in May, marking the second month in a row of deflation and further deviating from the Bank of Thailand’s target inflation range of 1% to 3%.
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