UTCC says people would spend money during Loy Krathong

BANGKOK, Nov 19 (TNA) -- Citing that Thailand’s economy has already hit its bottom, the University of Thai Chamber of Commerce’s Economic and Business Research Centre has forecast that more people are willing to travel and spend money during the annual Loy Krathong festival which falls on the full moon night next Wednesday. Thanawat Polvichai, director of the Centre, said his agency has projected that atmosphere of this year’s Loy Krathong festival would be rosier than last year as celebrants are expected to spend more than 11.4 billion baht, an increase of 2.5 per cent from 2014. Mr Thanawat said majority of people felt that the country’s economy has started to recover but they are still cautious in spending as they found the cost of living is still high. Umakamol Sunthornsurat, deputy director of the Centre said 87.5 per cent of the people surveyed recently by the Centre said they would celebrate the festival this year while 60.8 per cent said they would spend more money than the past year. On average, a person plans to spend about 1,720 baht during the upcoming festival, compared to only 1,678 baht spent during last year’s festival. Loy Krathong celebrants float krathongs made either with banana leaves or foams with fragrant candles and flowers to respect the Lord Buddha and seek for forgiveness from Pra Mae Khongkha (Goddess of the River). Because of steady economic recovery in Thailand, the Economic and Business Research Centre also forecasts that the country’s economy in 2015 would grow between 2.8 to 3.1 per cent. If the government could inject another 50 billion baht during the rest of this year on mega projects, the money would certainly further improve Thailand’s economy in 2016, Mr Thanawat said. (TNA)