Thailand: Up to 45 billion baht in circulation during vegetarian fest
Thailand: Up to 45 billion baht in circulation during vegetarian festival
The Center for Economic and Business Forecasting of the University of the Thai Chamber of Commerce (UTCC) has forecast that up to 45 billion baht in cash flow will be in circulation during the Vegetarian Festival this year.
Director of the centre Thanawat Polvichai (Source: PRD)
Bangkok (NNT/VNA) - The Center for Economic and BusinessForecasting of the University of the Thai Chamber of Commerce (UTCC) hasforecast that up to 45 billion baht in cash flow will be in circulationduring the Vegetarian Festival this year.
Director of the centre Thanawat Polvichai said the latest surveyshows that 34 percent of Thai people will eat vegetarian food this year tohonor His Majesty the late King Bhumibol Adulyadej and for religiouspurposes.
Theaverage spending per person throughout the festival which takes placefrom October 9 to 17 is estimated to be 10,963 baht, 700 baht higherthan last year due to the rising prices of food.
Despitethe 45 billion baht estimate, consumer spending growth is predicted toincrease by only 1.9 percent, the lowest growth since the survey was firstconducted 11 years ago given the cost of living.
Thanawatadded that consumer spending would likely remain sluggish until the endof the year even though the diesel price has already been pegged at 30baht per liter. He further expressed the view that the export andtourism sectors will be lively in the last quarter of this year as thehigh season arrives.-NNT/VNA
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Director of the centre Thanawat Polvichai (Source: PRD) 
