Over Bt120b expected to be changed hands during Songkran

BANGKOK, April 7 (TNA) - Bangkok-based University of the Thai Chamber of Commerce (UTCC) forecasts that approximately 124.54 billion baht should be changed hands during the Songkran or the traditional Thai New Year Festival, which officially falls from April 13 to 15. Thanawat Phonvichai, Director of UTCC’s Economic and Business Forecasting Centre, told journalists on Thursday that the projected public spending during the upcoming Songkran Festival is the highest record over the past three years. Thanawat said positive factors encouraging people to spend money during Songkran, also known as the water splashing festival, include the recovering Thai economy and new economic stimulus measures introduced by the government. Thanawat assessed that public spending on religious affairs should capture as high as 92.1 per cent, followed by on shopping 86 per cent and on travelling 85.5 per cent. According to the senior economist, would-be Songkran celebrants in Thailand are likely to most worried over spending money to buy water or not enough water to splash at each other, as well as over heavy traffic and the mid-summer heat in the country. (TNA)