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Korat shooting expected to hurt economy in the short term


The Korat shooting rampage has shocked consumers and could reduce their spending in the short term compared to other negative factors, experts said.

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Nakhon Ratchasima Property Association’s senior adviser Krit Hiranyakrit said recently that “Some people would be afraid to come out of their houses, and would spend less money,” he said. “However, this effect would last only for a short period compared to other economic factors such as the global economy, the baht appreciation and the coronavirus outbreak, which have affected tourism and condominium sales in Nakhon Ratchasima (Korat) for a long time.”
On economic issues, businessmen, chambers of commerce and government agencies have collaborated to encourage local people to spend in department stores, especially Terminal 21 where the rampage happened on Saturday (February 8).
“The department store’s owners, as well as private entrepreneurs in the province, do not want the economic vacuum to prolong, since it would cause more problems in the future,” Krit explained.
In addition, Land and Houses, which has participated indirectly in the Terminal 21 management, has built a 200-room hotel beside the department store, increasing economic confidence in the area.
Also, the senior adviser said that over 10,000 people were gathered to shop in the department store. “Their number was expected to be more than those on the department store’s opening day,” he added.
Meanwhile, properties in the province presently were focused on outstanding units, because the market has been short of purchasing power for a long time.
“The recent bloody situation would decrease the confidence of buyers from other provinces on the point of security,” Krit said. “However, I am confident that each project has reliable security technology.”
Preliminary, the property companies aimed to draw local people to buy their projects, via the government’s policies and marketing campaigns or promotions.

Published : February 13, 2020

By : THE NATION