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89 billion baht to be spent in New Year

Thailand ranks 4th in corporate governance

89 billion baht to be spent in New Year

Around Bt89 billion is forecast to be circulated during the upcoming New Year festival, a 10.5-per cent rise year-on-year in all types of expenses, according to the University of the Thai Chamber of Commerce (UTCC) Economic and Business Forecasting Centre.

About 56 per cent of those surveyed plan to spend their money on travel. The money circulation for domestic tourism during this festive season is expected around Bt40 billion and for tourism abroad around Bt24 billion.

According to the UTCC research, the other half of the people will stay at home, while they will spend for new year party celebrations at about Bt6.1 billion, merit-making at Bt7.2 billion, consumer goods at Bt9.2 billion, luxury items Bt570 million and durable merchandises at Bt900 million.

Director of UTCC Economic and Business Forecasting Center, Thanawat Polwichai said the survey indicated that the public spending ambience is vigorous this year despite earlier flood situations. He said this is due to improving political circumstances, more public confidence, higher prices of agricultural produce, and the not-too-strong baht exchange rate. He said that as a result, Thailand’s economic growth rate next year for is forecast to grow 4.5-5 per cent without political problems, the Thai and the world economy downturn.

About half of those surveyed, or 51 per cent, said they believed the Thai economy will improve next year, 34 per cent said it will maintain at the same level, and around 13 per cent said it will be worse, whereas they viewed that the country’s political situations will not improve. Around 63 per cent of the public voiced their opinion that merchandise tended to be more expensive next year and hoped the Ministry of Commerce to have measures to control prices of goods and to cushion consumption expenses.

For the upcoming New Year season, 62 per cent of the public want to give their presents to Thai Prime Minister Abhisit Vejjajiva, which are flowers, cards, the Thai harmony, and moral support. Six per cent want to offer their gifts to ousted premier Thaksin Shinawatra and about 5.5 per cent to Deputy Prime Minister Suthep Thaugsuban.

Meanwhile, road accidents, traffic problems, safety of accommodation during holiday trips, crimes, and price hikes for goods during the festive time are the concerns of Thais.

On the New Year occasion, those surveyed said they wished His Majesty King Bhumibol Adulyadej good health. They also wished for the harmony among Thais, a better economy and safety in lives and property. (MCOT/TNA news)

Thailand ranks 4th in corporate governance

Thailand is ranked fourth out of 11 countries in Asia for corporate governance level by the Asian Corporate Governance Association, according to Securities and Exchange Commission (SEC) Secretary-General Thirachai Phuvanatnaranubala. He said the association—in cooperation with Credit Lyonnais Securities Asia (CLSA), Asia-Pacific Markets—evaluated the corporate governance level of 11 Asian countries and moved Thailand’s rank up to fourth this year from eighth last year.

The higher position was secured mainly because the government had a concrete policy for preparation of the capital market development plan. This showed Thailand is strongly determined to seriously develop its capital market. A legal amendment was also passed for the sake of upgrading corporate governance levels. (MCOT/TNA)