Up next
Author
Share article
Facebook
LinkedIn
Twitter
Mail
Line

The rebounding economy, further stimulated by the holiday season, is now facing a major threat amid the rapidly spreading Omicron coronavirus variant.

The University of the Thai Chamber of Commerce (UTCC) said holiday spending this year is now projected to drop to a 12-year low as fears grow over the new strain.

The UTCC’s Center for Economic and Business Forecasting (UTCC-CEBF) released its economic projections for the 2022 New Year holiday season, anticipating spending to be the lowest in 12 years.

From a survey of 1,244 people, the center estimates overall cash flow to be around 85.8 billion baht. Average per-person spending is expected to be 3,300 baht, which is lower than last year’s figure at 5,900 baht.

The center also projects lower religious spending, while the tourism sector is likely to take another hit from mass cancellations, with average per-person tourism spending at the all-time low of 5,440 baht.

UTCC President Thanawat Polvichai said fears over the Omicron variant are expected to wipe 30-50 billion baht from the holiday season spending. Additionally, this figure could slide by 5-10 billion baht due to possible nationwide cancellations of New Year events.

Information and Source

Reporter : Natthaphon  Sangpolsit

Rewriter : Paul Rujopakarn

National News Bureau & Public Relations : http://thainews.prd.go.th

About the author

nnt
National News Bureau of Thailand
Website

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

You May Also Like
export china cargo port

Thailand’s exports to increase slightly by 1% in 2023

Exports, a major factor in Thai growth, may decline by 5% to 6% in the first half of the year compared to the same period last year before rebounding in the second, the council predicted in a statement.
export china cargo port

Thailand’s export down by 7.6% in April for seventh consecutive month

Thailand’s export contraction for seven consecutive months poses a challenge for the new government due to a global economic slowdown. The decline was far more than the 2% fall forecast in a Reuters poll of economists, and came after a 4.2% drop in March.
Shanghai skyline

Thailand’s GDP to grow 3.9% in 2023 says World Bank

The EAP region’s GDP is predicted to accelerate to 5.5% in 2023, with a comeback in China balancing sluggish growth in a number of other economies. Growth in the EAP is predicted to drop to 4.6% and 4.5% in 2024 and 2025, respectively, as China’s economy slows and the rest of the region experiences largely stable growth.