Thai economy will earn THB120bil as parties spend big in vote battle

BANGKOK (The Nation/Asia News Network): Election campaigns will generate up to THB120 billion 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 (March 22).

The Election Commission has officially set the general election to be held on May 14.

Thanawat said the THB120 billion 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.