The eagerly anticipated election will be a vital driver of the country's economy this year, as it is estimated to bring as much as 80 billion baht in money circulation and spending on political campaigns.
Sauwanee Thairungroj, president of the University of the Thai Chamber of Commerce, said Thursday at a seminar held by the Economic Reporters Association that spending on political campaigns will help boost GDP growth by 0.3%.
Of the total spending, 50 billion baht is estimated to stem from the general election, with the remaining 30 billion from the elections at local administration levels.
Businesses that are expected to benefit from the elections include printing and advertising, wholesale and retail, paper production, and services.
"The election will not only help stimulate the economy and consumer spending in the short term but also boost consumer confidence," Ms Sauwanee said.
The university forecasts the economy to grow by 4-4.2% this year from an estimated 4.2% in 2018.
"If the election results are all acceptable and the new government can smoothly run its administration, we expect GDP growth to exceed 4.2%," Ms Sauwanee said.
Ghanyapad Tantipipatpong, chairwoman of the Thai National Shippers' Council, said at the same event that export growth will hinge on external factors such as the escalating trade row between the US and China, political problems in the EU, and the impact of Brexit.
"Exporters are hopeful the upcoming election will help boost the country's economy," she said.
Ms Ghanyapad also urged the new government to amend laws that are deemed as obstacles to exports and imports and accelerate free trade negotiations with potential trade partners to bolster exports.
The FTAs, once completed, will reduce tariffs for exported products, she said.