BANGKOK – The University of Thai Chamber of Commerce (UTCC) has forecast that the Mother’s Day celebration on August 12 will generate spending of up to 12 billion baht.
The UTCC’s Centre for Economic and Business Forecasting has reported that around 12 billion baht cash would be in circulation during Mother’s Day, an increase of 1.6 percent comparing to the increase of 3.2 percent last year. The figure is the lowest in 7 years as consumers tend to exercise more caution over their spending, in the face of domestic economic uncertainty.
The center said that, the global economy is expected to recover during the last quarter of this year. The Thai economy will also expand by 3.5 to 4 percent.
The government has been urged to boost the economy by injecting a sum of 100 billion baht into the system. Measures to bolster tourism and exports are also recommended to bring the economy back on track.
