Thai economy will earn 120 billion baht as parties spend big in vote battle
Election campaigns will generate up to 120 billion baht for the Thai economy, the University of the Thai Chamber of Commerce’s Centre for Economic and Business Forecasting said.
“Political parties will go into full gear with campaigning for votes now that the election date has been set,” the centre’s director Thanawat Polvichai said on Wednesday.
The Election Commission has officially set the general election to be held on May 14.
Thanawat said the 120 billion baht generated while campaigning will push Thailand’s GDP up by 4% in the second quarter. He added that Thailand is expected to grow by 3-4% this year.
However, he said rising production costs and inflation can affect the Thai business sector’s profits and liquidity.
“However, we are still confident that the economy will pick up in the second half of this year,” he said.
Thanawat added that the business sector is concerned that the election may spark political conflicts, which may trigger delays in investment.
