Loy Krathong Festival 2017 in Thailand expected to be more active

BANGKOK, October 31 (TNA) - Thailand's Loy Krathong Festival 2017 is expected to be more active, when compared with that of last year, with a total of more than 9.9 billion baht likely to be spent by people during this year's festival, which falls on November 3. Dr. Thanawat Phonvichai, Director of the Economic and Business Forecasting Center under Bangkok-based University of the Thai Chamber of Commerce, told journalists on Tuesday that the positive prospect was found in his center's recent survey on spending behaviors of consumers during this year's Loy Krathong Festival. Dr. Thanawat said the survey found that local consumers should spend about 9.93 billion baht totally during this year's Loy Krathong Festival, a 3 per cent year-on-year increase, or about 1,556.50 baht per head, boosted by rising prices of products and their increased revenues in line with the recovering Thai economy. Dr. Thanawat revealed that more than 40.9 per cent of the respondents wanted to spend more money during this year's Loy Krathong Festival on their merit makings and transport costs for a reunion with their families in provincial areas and meetings with friends. Besides, more than 92.9 per cent of the respondents planned to float their krathongs as they view the Loy Krathong Festival is a Thai tradition which should be carried on. Based on the survey results, Dr. Thanawat assessed, meanwhile, that the Thai economy should now grow by 3.9 per cent year-on-year in 2017 and by 4 per cent year-on-year in 2018, the first time in four years that the national economic growth could reach 4 per cent annually. The senior Thai economist considered that recent floods in some areas in the country should not affect the expanding national economy, projecting as well that Thai exports should grow by more than 8 per cent year-on-year in 2017 and should further expand in 2018. (TNA)