Lower spending forecast on Makha Bucha 2016

BANGKOK, February 18 (TNA) - People in Thailand are expected to spend less on merit makings on the Makha Bucha Day this year, which falls on February 22. Thanawat Phonvichai, Director of Bangkok-based University of the Thai Chamber of Commerce’s Economic and Business Forecast Centre, told journalists on Thursday that people nationwide are expected to spend about 2.7 billion baht for the Buddhist religious day this year, the lowest over the past four years. Thanawat said the projection was based on a latest survey conducted by his centre during February 9–16, as respondents appeared to not yet have full confidence in the national economic recovery. Thanawat revealed that nearly half of the respondents, or 49.8 per cent, expressed his hope that the Thai economy would further improve. According to the senior Thai economist, the respondents urged the government to inject more money to further stimulate the national economic growth amid global risk factors, namely impacts from falling world oil prices. Makha Bucha commemorates an auspicious occasion on a full moon day over 2,500 years ago when the Lord Buddha preached the principles of the Buddhism to 1,250 Arahants who were ordained by him and were gathering without any appointment. (TNA)