Songkran expected to boost Thailand’s economy with billions

The Songkran festival in Thailand this year is anticipated to bring between 140 and 200 billion baht into the country’s economy. The festival, which has been recognised as an Intangible Cultural Heritage event by Unesco, is predicted to attract 10 million international visitors who will contribute 11.8 billion baht to the total spending.

In light of the festival’s recognition, the government, led by Prime Minister Srettha Thavisin, has extended the celebration to 21 days in a bid to stimulate tourism and economic spending.

Despite these forecasts, Thanavath Phonvichai, advisory chairman of the University of the Thai Chamber of Commerce’s (UTCC) Centre for Economic and Business Forecasting, suggests that domestic spending growth may be slower. He indicated that while the Songkran holiday is predicted to stimulate economic growth by 2.9% with an…