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Asarnha Bucha holidays expected to bring B6.7bn boost to economy

Asarnha Bucha holidays expected to bring B6.7bn boost to economy

BANGKOK: People are expected to spend some B6.7 billion on leisure trips and merit-making activities during the Asarnha Bucha and Buddhist Lent holidays this year (today and tomorrow, July 16-17), a 3.5% increase on last year, Thanawat Pholwichai, Director of the University of Thai Chamber of Commerce’s Center for Economic and Business Forecasting, has announced.

economics
By National News Bureau of Thailand

Tuesday 16 July 2019, 10:11AM


Of those travelling during the holidays, an average of B4,514 per person is expected to be spent on domestic trips, with those travelling abroad spending an average of B21,600 per person, Mr Thanawat said. Photo: NNT

Of those travelling during the holidays, an average of B4,514 per person is expected to be spent on domestic trips, with those travelling abroad spending an average of B21,600 per person, Mr Thanawat said. Photo: NNT

On average, people will spend B803 on merit-making and B1,845 on festivities, Mr Thanawat said.

Of those travelling during the holidays, an average of B4,514 per person is expected to be spent on domestic trips, with those travelling abroad spending an average of B21,600 per person, he added.

Favorite international destinations during the holidays include Japan, Taiwan and Laos, he added.

“Though the public holidays are not provided over the course of five consecutive days, many people planned a day off on the Monday,” he said.

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Though most people are still worried about the costs of living and the increased prices of goods, the new government is expected to take economic stimulus measures with some B50-100bn circulated in the second half of this year, noted a report by state news agency NNT.

“Besides, the government’s policies for farm goods and state welfare cards are expected to favor low-income earners and encourage them to spend,” the report added.

The consumer confidence index in the second half of this year is expected to rise due to the new government’s economic stimulus policy, the NNT report noted.

Read original story here.

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