New general election to stimulate Thailand's economic growth

BANGKOK, January 18 (TNA) - Thailand's upcoming general election should boost the national economic growth this year by about 0.3 per cent through spending of candidates during their electoral campaigns. Assoc. Prof. Dr. Saowanee Thairungroj, Rector of Bangkok-based University of the Thai Chamber of Commerce (UTCC), voiced the assessment while delivering a speech at the Economic Reporters Association's annual seminar, held in Bangkok on Friday. Assoc. Prof. Dr. Saowanee said that candidates are expected to spend about 50 billion baht and about 30 billion baht for their electoral campaigns towards Thailand's new general election and local election in the first half of this year respectively, which should boost the country's gross domestic product (GDP) growth by at least 0.3 per cent. According to the UTCC rector, candidates' spending during their campaigns towards Thailand's both upcoming elections will lead to the rising consumption by households across the country through increased revenues in 10 business sectors in which their members run or work. The UTCC rector stated that the 10 businesses include printing and advertising, wholesale and retail, paper production, restaurants and petroleum, as well as such election-related services as stage arrangements and mobile electoral processes, with the printing and advertising sector expected to earn the most at about 12.66 billion baht. The UTCC rector projected that Thailand's GDP growth this year should, thus, reach 4-4.2 per cent year-on-year, based on an assumption that the country's general election and local election would be held within the first half of 2019. (TNA)