The Center for Economic and Business Forecasting (CEBF) of the University of the Thai Chamber of Commerce (UTCC) predicts that 47 billion baht will be in circulation when the new school semester starts.
According to CEBF Director Thanawat Polvichai, this year’s spending during the new school term will be lower than expected, saying the figure should stand around 47 billion baht, representing a 2.21 percent increase compared to that of the same period last year. He said the lower-than-expected rise in the percentage was due to the increasing household debts, which stood at more than 180,000 baht per household.
Coupled with the fact that the cost of living today is higher than the past, parents are forced to buy less school supplies.
Mr. Thanawat noted that parents want the government to help them with their children’s tuition fees as well as to improve the country’s education system as a whole.
The CEBF Director has also predicted that Buddhist Thais will spend as much as 4.9 billion baht, on the holy day of Vesak, an increase of 3.5 percent from last year’s spending.