Over Bt2.5b expected to be changed hands during Magha Puja Day

BANGKOK, February 28 (TNA) - The Center for Economic and Business Forecasting, under Bangkok-based University of the Thai Chamber of Commerce, has projected that a total of about 2.59 billion baht should be changed hands across the country on Magha Puja Day this year, which falls on March 1. The center's director,Thanawat Phonvichai, told journalists of the projection on Wednesday, acknowledging that people's spending on their merit makings across the country on the major Buddhist religious day should reach about 2.07 billion baht, the highest level in eight years, or a 4.79 per cent year-on-year increase, or 1,398.81 baht per person. Thanawat noted that the increased spending on merit makings of people nationwide, based on his center's recent survey, should reflect the recovering Thai economy, which should grow by about 4.4 per cent year-on-year on average in 2018. According to the senior economist, social media and online businesses of worship materials have made Buddhist people be more connected to the Buddhism and have boosted sales of the worship materials by 2.9 per cent, with most of them, 9.2 per cent, planning to buy the products at large-scaled retail stores in their areas. Thanawat revealed, however, that the anticipated 2.59-billion baht-public spending nationwide on Magha Puja Day drops by about 593.98 million baht from last year's, a 18.67 per cent year-on-year decrease. The senior economist said spending on people's travels to other provinces should stand at about 214.42 million baht nationwide, a plung by 74.17 per cent when compared with last year's, due to the short one-day holiday this year. Magha Puja marks four auspicious occasions happening on the same day, including 1,250 disciples came to see the Buddha without any appointment, all of them were Arahants and were all ordained by the Lord Buddha and it is a full-moon day. On the auspicious Magha Puja Day, the Lord Buddha gave a key sermon on the principles of Buddhism, called the "ovadapatimokha" known as the "heart of the Buddhism" to the Arahants, including ceasing from all evils, doing good deeds and purifying ones' minds. (TNA)