Some 80 billion baht to be circulated thanks to elections

BANGKOK, Oct 19 (TNA) -- The Phuket tour boat tragedy and a physical assault on a Chinese tourist have negative impacts on tourism while elections would see about 80 billion baht being circulated next year, according to the University of the Thai Chamber of Commerce. UTCC vice president Thanavath Phonvichai said the university predicted the Thai economy would grow by 4.0-4.5% next year because elections would result in the circulation of about 80 billion baht in the country. Of the sum, about 40 billion baht will be spent on the general election expected in February and the other 40 billion baht would result from local elections. About 40 billion baht will be circulated next February alone if the general election happens then as expected, he said. UTCC president Sauwanee Thairungroj said tourists’ confidence in Thailand dropped in September and affected the economy. The declining confidence resulted from the boat tragedy in Phuket, the physical assault on a Chinese tourist at Don Mueang airport, concern on trade war between China and the United States, the falling prices of natural rubber and palm, conditions for the registration of migrant workers and competition between old businesses and online ones. Positive factors for the economy were the maintained 1.50% repurchase rate, investment in interregional infrastructures, growing exports, the rising prices of some farm products and expanding border trade. (TNA)