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Thailand’s current economic recovery has convinced the University of Thai Chamber of Commerce (UTCC) to review his forecast for the circulation of money during this year’s Loy Krathong festival.
The university’s Center for Business and Economic Forecasting (CEBF) predicts that 9.7 billion baht will be put into circulation during the festival, the highest level in the last 10 years.
UTCC President Dr. Thanavath Phonvichai pointed out that the improvement of the pandemic situation allowed the Thai economy to recover more quickly, which allowed the Loy Krathong celebrations to be more lively.
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A survey of some 1,200 respondents revealed that 67.6% of them plan to participate in Loy Krathong activities. 76.1% expect to float krathong baskets, while 34.9% intend to dine out. 43.5% also hope to earn merit and 39.9% plan to visit Loy Krathong festival sites.
Only 9.9% of those surveyed say they will not participate in Loy Krathong festivities, down significantly from 31.1% last year.
The survey also revealed that people were willing to spend 1,900 baht on average during the festival, higher than last year, with expenses including travel, dining and socializing. Therefore, the CEBF expects circulation to reach 9.7 billion baht this year. The 6% increase from a year earlier would take Loy Krathong’s cash flow to a 10-year high.
UTCC President Dr. Thanavath Phonvichai pointed out that the improvement of the pandemic situation allowed the Thai economy to recover more quickly
Dr. Thanavath noted that the world’s average oil price of $100 per barrel allows people to travel and spend more cautiously. Tourism activity and consumer spending are also expected to increase between now and the New Year period. With at least 10 million foreign tourist arrivals forecast this year, the CEBF believes that Thailand’s GDP will grow by 3.3-3.5% in 2022. In addition, it forecasts growth of 3.5-4 % in 2023.
