BANGKOK (NNT) – The rebounding economy, further stimulated by the holiday season, is now facing a major threat amid the rapidly spreading Omicron coronavirus variant. The University of the Thai Chamber of Commerce (UTCC) said holiday spending this year is now projected to drop to a 12-year low as fears grow over the new strain.

The UTCC’s Center for Economic and Business Forecasting (UTCC-CEBF) released its economic projections for the 2022 New Year holiday season, anticipating spending to be the lowest in 12 years. From a survey of 1,244 people, the center estimates overall cash flow to be around 85.8 billion baht. Average per-person spending is expected to be 3,300 baht, which is lower than last year’s figure at 5,900 baht.

Full story: National News Bureau of Thailand

Reporter: Natthaphon Sangpolsit,
Rewriter: Paul Rujopakarn
National News Bureau of Thailand