Three leaders of Thailand’s private sector are urging the speedy formation of a new government, insisting that the country, particularly the national economy, cannot afford to wait up to ten months.
Kriangkrai Thiennukul, chairman of the Federation of Thai Industries, said today (Wednesday) that the private sector had set August as the acceptable deadline for a new government to be formed and to begin implementing policies to stimulate the economy. Failing that, the economy will suffer and production costs will increase.
He admitted that he cannot assess the extent of the damage to the economy, if the formation of the new government is further delayed by up to 10 months as proposed by some parties.
He pointed out that the outcome of the May 14th general election should reflect the wishes of the majority of the people about the government to which they aspire, adding that he hopes political conflicts can be resolved amicably.
Chaiwat Kovavisarach, group CEO and president of Bangchak Group, said formation of the new government should not drag on by up to 10 months, which is “too long” and will hurt private businesses as a whole.
Personally, he said, he does not want to speculate about when the government will be formed, noting that new political elements are emerging on daily basis. He said he would like the new government, or the incumbent caretaker government, to take care of fuel prices and maintain a balance between the interests of oil producers and the consumers.
Visit Limlurcha, vice chairman of the Thai Chamber of Commerce, said that he hopes the formation of the new government will not drag on for up to ten months, warning that the longer the period, the more damage will be inflicted upon the national economy.
He pointed out that foreign investors are delaying their investment plans, as they wait for the political uncertainty to clear up adding, however, that he is afraid that some of these investors may move their investments to other countries “which means that we may lose hundreds of billions ininvestment funding, which could cut our GDP by 1-2%.”
