The reopening of businesses under the Phase 5 easing of restrictions, plus the government’s aid measures for persons and businesses affected by COVID-19 crisis, have improved the confidence of business owners, as reflected in the July TCC Confidence Index.
The University of the Thai Chamber of Commerce (UTCC) has released the Thai Chamber of Commerce Confidence Index (TCC-CI) for July 2020, which shows a continuous improvement from June, now reaching a 31.8 score.
While the improved TCC-CI score, indicates increased confidence among business owners, there are still concerns about the political situation, a possible second wave of infections, the shrinking export sector, and the lack of financial fluidity in some businesses, particularly those dependent on foreign tourists.
The UTCC President and chief adviser to the UTCC’s Center for Economic and Business Forecasting, has suggested the government stimulate the tourism sector by targeting high-spending tourists, and developing local economies to achieve the same level as big cities, and thereby promote local employment.
He has urged the government to offer financial aid measures to businesses, and promote workers skills development to meet industries’ demands.