Spending by workers on May Day in Thailand likely to reach Bt2.2b

BANGKOK, April 29 (TNA) - The Center for Economic and Business Forecasting, under Bangkok-based University of the Thai Chamber of Commerce, says it is likely that spending by workers on the May Day 2019 in Thailand should total about 2.23 billion baht. The center's director, Thanawat Phonvichai, told journalists that his center's random survey recently on 1,200 workers nationwide found most of them planned to spend their money on this year's National Labor Day on May 1, which is also the International Workers' Day or May Day, on going to join activities marking the May Day at venues publicly announced, as well as on seeing movies, having parties with their families and friends and shopping. Thanawat estimated that the spending on the May Day by workers in Thailand should stand at 2,164 baht/head on average, or about 2.23 billion baht totally. Thanawat pointed out that the estimated spending on the May Day by workers in Thailand would be the lowest in three years, despite its increase by about 1.8 per cent year-on-year, due mainly to the problem of rising household debts caused by the rising costs of living but unchanged wages or revenues. The senior economist mentioned that his center's recent survey found most respondents earn only 10,000-15,000 monthly and 86.2 per cent of them have no savings, forcing 95 per cent of them to rely on loans to spend on their daily expenses, housing and transport. According to the senior economist, the recent survey showed that household debts of most of the respondents stand at about 158,000 baht each, an about 15 per cent year-on-year increase. The center's director revealed that most of the respondents increasingly rely on loans in the non-formal sector, from 34 per cent last year to 41.8 per cent this year, although they rely more on loans in the formal sector by being obliged to repay at about 7,200 monthly each on average. The center's director stated that most of the respondents called on the newly-elected Thai government to consider appropriate wages and introduce welfare programs for them amid the rising costs of living. (TNA)