Spending during the forthcoming Songkran festival is forecast to see the lowest growth in the four years from 2011 as the domestic economic slowdown prompts local holidaymakers to count on loans and their savings to party during the water-splashing season.
Prasit Chiaranaisakun (right), vicepresident of the Khao San Road Business Association, announces the organisation will host the Songkran festival in Bangkok’s backpacker haven. WISIT
Spending was forecast at 117 billion baht, up by only 2.36% from last year, according to a survey by the University of the Thai Chamber of Commerce (UTCC).
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