128 billion to be circulated during 2017 Songkran

BANGKOK, April 14 (TNA) -- The Thai Chamber of Commerce said that this year Songkran Festival is quite active with 128 billion expected to be circulated from the festivity alone. Director of the Centre for Economic and Business Forecasting under the University of the Thai Chamber of Commerce (UTCC) Thanawat Pholvichai said Songkran this year is more active than the prvious year, with 128 billion baht expected to be circulated during the festival, an increase of about 2.5 per cent. He, however said, that if the figure is compared when the domestic economy was good, the income during the water festival would hike by as much as 5 per cent. Mr Thanawat noted that the prices of agriculture products and produce, such as rubber, palm oil, and sugar cane are also increasing, which in turn pushed up consumers' spending power. He said the public have chosen to buy flower-printed shirts in dull colours this year to celebrate Songkran as the country remains in mourning for the beloved monarch, King Bhumibol Adulyadej. Meanwhile, spending could be less than usual as the government has beefed up measures against alcohol consumption during the festival and encouraged Thai people to enjoy a Thai-style Songkran of the year. The economic expert pointed out that although the government did not roll out measures to stimulate spending like previous years, it did not affect the celebration atmosphere, as those who had benefited from the scheme are mostly in the middle class and the income has increased this year which normalised spending. He then predicted that the Thai economy would improve by the end of the second quarter as exports improved, following an announcement of a clear policy on international trade from the US, the UK's clear Brexit procedure, whereas conflicts in Syria, as well as the North Korea will continue. He noted that tourism, the mid-year fiscal budget which would be spread out to other provinces and government's investment on large projects would also help to stimulate the economy. (TNA)