Thai economy set to boom with 106 billion baht splash with new year expenses

[webfact]

The University of the Thai Chamber of Commerce (UTCC) predicts a staggering 106 billion baht surge in consumer spending during the upcoming New Year festivities – a four-year high that could inject new life into the nation’s financial veins.

 

President Thanavath Phonvichai, the maestro behind this optimistic symphony, attributes the spending spree to the government’s strategic new year’s gift measures.

 

“Consumer spending is set to hit a four-year peak, fuelled by the infectious enthusiasm generated by the government’s holiday initiatives. This festive season is not just about celebration; it’s a financial revolution that promises to boost our overall economy.”

 

The UTCC survey indicates an estimated expenditure of 6,000 baht per person for local revelries and an extravagant 35,000 baht for international escapades. The forecasted spending breakdown includes a whopping 19.4 billion baht for parties, merit-making, and general consumption, with over 5 billion dedicated to durable goods and luxury items. Domestic and international travel is projected to contribute a jaw-dropping 60 billion baht to the economic spectacle, reported Bangkok Post.

 

by Mitch Connor

Photo courtesy of Travel Triangle

 

Full story: The Thaiger 2023-12-22

 

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[John Drake]

6 minutes ago, webfact said:

President Thanavath Phonvichai, the maestro behind this optimistic symphony, attributes the spending spree to the government’s strategic new year’s gift measures.

 

What happens if maestro hits a "whopping" sour note?

[2baht]

Loan sharks dreams answered! 🙏 Too easy!

[TroubleandGrumpy]

1 hour ago, John Drake said:

 

What happens if maestro hits a "whopping" sour note?

Nothing ever does happen when they get it totally wrong - which they do all the time.

How many hubs has Thailand claimed it will be over the years.

How many distortions and lies has TAT given.

And on and on it goes.  It is just amazing. 

[Pi Tao]

The dream is on the way.

 

[stoner]

you get a car...you get a car...you get a car. 

[2baht]

1 hour ago, stoner said:

you get a car...you get a car...you get a car. 

But I only want a Honda Dream! 

[crazykopite]

Yet more BS they just guess and makeup a number out of thin air

[Photoguy21]

I guess the tooth fairy will be very busy in the next few days

[hotchilli]

3 hours ago, webfact said:

The University of the Thai Chamber of Commerce (UTCC) predicts a staggering 106 billion baht surge in consumer spending during the upcoming New Year festivities – a four-year high that could inject new life into the nation’s financial veins.

106 billion baht more debt in January, and zero spending

[Photoguy21]

17 minutes ago, hotchilli said:

106 billion baht more debt in January, and zero spending

Was it in the 1990's that the Baht went to 90 to the GBP? Looks like it is coming to an area near you.

[soalbundy]

2 hours ago, TroubleandGrumpy said:

Nothing ever does happen when they get it totally wrong - which they do all the time.

How many hubs has Thailand claimed it will be over the years.

How many distortions and lies has TAT given.

And on and on it goes.  It is just amazing. 

Personally I think that their crystal ball is a fake one from China.

[TroubleandGrumpy]

2 hours ago, Photoguy21 said:

Was it in the 1990's that the Baht went to 90 to the GBP? Looks like it is coming to an area near you.

Lets hope so 

[Photoguy21]

21 hours ago, TroubleandGrumpy said:

Lets hope so 

The way they are heading it isnt going to be a question of if but more when it comes

[jacko45k]

I expect my next click to a new topic will be one forecasting doom, gloom and recession. 

[Mike Lister]

On 12/22/2023 at 2:35 PM, Photoguy21 said:

Was it in the 1990's that the Baht went to 90 to the GBP? Looks like it is coming to an area near you.

You don't understand economics, do you! When people spend more, that increases Consumer Consumption, which in turn increases GDP,  which in turn is a sign of a stronger economy, which in turn causes the currency to strengthen.

Edited December 24, 2023 by Mike Lister

[edwinchester]

Absolutely fantasy figures.

[bigupandchill]

On 12/24/2023 at 12:13 AM, Mike Lister said:

You don't understand economics, do you! When people spend more, that increases Consumer Consumption, which in turn increases GDP,  which in turn is a sign of a stronger economy, which in turn causes the currency to strengthen.

 

If individuals collectively, or governments spend beyond their means it reduces investors confidence in that economy's ability to service those debts. This will eventually weaken a currency.

[Mike Lister]

2 hours ago, bigupandchill said:

 

If individuals collectively, or governments spend beyond their means it reduces investors confidence in that economy's ability to service those debts. This will eventually weaken a currency.

Indeed, except the Thai government hasn't been spending beyond their means and rarely ever has. The government has public debt less than 58% of GDP and it has only been at the urging of the IMF that they have agreed to  operate a budget deficit for several years, mostly to build out infrastructure. The strength of THB relies on a trade surplus because 60% of GDP is derived from exports,  inbound investment or FDI is needed but since THB is not freely convertible, the strength of the currency does not depend on it whereas export bills settled in USD, does.