BANGKOK, Aug 9 (TNA) — People are likely to spend carefully for the Mother’s Day this year, about 13.8 billion baht,- a year-on-year increase of only 0.9% that is the weakest pace in a decade.
Thanavath Phonvichai, business-forecasting director of the University of the Thai Chamber of Commerce, announced the prediction based on its survey on 1,207 people sampled nationwide on their spending plan during the Mother’s Day-related long holiday this weekend.
Of the respondents, 70.4% said they would visit their mothers at home. The percentage dropped from 93.7% last year.
The survey found that respondents would spend 4,797 baht each on the Mother’s Day holiday. The meagre 0.9% increase in the projected spending really reflected economic problems, Mr Thanavath said.
Without economic stimulation through farmers’ income insurance, welfare for the poor, domestic tourism promotions and megaproject investments from the government, people’s income and the national economy would be affected, he said.
Water shortages were likely to prevent economic recovery until the fourth quarter of this year and the economic growth rate could be less than 3% in 2019, Mr Thanavath said.
He also said that the policy rate could be cut further in accordance with monetary-easing policies of many countries. (TNA)
