Over Bt45b expected to be changed hands during Chinese New Year festival

BANGKOK, February 5 (TNA) - Bangkok-based University of the Thai Chamber of Commerce has projected that a total of over 45 billion baht to be spent during the Chinese New Year festival in Thailand this year, the biggest sum in eight years. Thanavat Polvichai, Director of the university’s Center for Economic and Business Forecasting, acknowledged on Tuesday a recent survey on 1,200 respondents nationwide found 45.08 billion baht should be changed hands during the Chinese New Year festival 2013, a 12.3 per cent increase from last year and the biggest amount in eight years. Thanavat said the survey also found that nearly 17 billion baht should be spent in Bangkok alone and over 10 billion baht in the central region, thanks to the Thai government's policies, booming domestic tourism in large cities and their vicinities and rising prices of local farm products, which have boosted the national economy. According to the center's director, most respondents foresaw their increased expenses on worship, donations and consumer products during this year's Chinese New Year festival, caused by the higher products prices. The senior economist, however, warned people to spend carefully because of the more expensive products and predicted that the Thai economy should grow by 4.5-5 per cent in the first quarter of this year. (TNA)