Over Bt5.2b expected to be changed hands during upcoming long weekend

BANGKOK, July 9 (TNA) - Bangkok-based University of the Thai Chamber of Commerce's Center for Economics and Business Forecasting has predicted that over 5.2 billion baht should be changed hands in the upcoming long weekend, 5.4 per cent higher than the amount spent in the same period last year. The center's director, Thanawat Pholvichai, told journalists on Wednesday that, based on a latest survey on consumers, a total of up to 5.26 billion baht should be spent in the Thai economy from July 11-14, as families would go on vacation amid the recovering national economy. According to the senior economist, most respondents believed that the forthcoming four-day holidays should be livelier than those of last year, thanks to the recoving national economy stimulated by the army-led National Council for Peace and Order (NCPO) and more promoted tourist destinations. Under the circumstance, the senior economist pointed out, people will take vacations, have parties and spend. The upcoming long weekend holidays include the Asarnha Bucha Day on July 11, the beginning of the three-month Buddhist Lent Day on July 12 and the substitution holiday for the Buddhist Lent Day on July 14. The center's director also predicted that over 200 billion baht of state budgets should also be disbursed in the second half of this year and the national economy should consequently grow by 4 per cent in the second half of this year on average, leading to the Thai economy to overall expand by at least 2-3 per cent year-on-year on average this year. Besides, the value of Thai exports should increase by 3 per cent year-on-year in 2014, while the Thai economy should grow by at least 5 per cent year-on-year in 2015. (TNA)