11 July 2024

The private sector in Thailand is concerned that the current political conflict, if it turns violent, may impact the confidence of foreign and local investors and consumers and would like to see both the government and the protest leaders resolve their conflict through negotiation.

The concern was expressed by Mr. Kalin Sarasin, president of the Board of Trade and the Thai Chamber of Commerce.

Meanwhile, Associate Professor Thanawat Pholvichai, rector of the Thai Chamber of Commerce University, admitted that it is currently difficult to assess the extent of the protests’ impacts on Thailand’s economy, which last only a day and are generally peaceful.

He admitted, however, that, if the protests escalate, they may slow the pace of recovery.

Thanawat pointed out that there are signs that the economy is gradually improving in the fourth quarter of the year, due to increasing consumer and private sector confidence.

He forecasts that Thailand’s growth rate for the whole of 2020 will decline by 6%, but it may return to positive growth in the first quarter of next year, with the likelihood that the growth rate next year will reach 4%.

Meanwhile, police said today that the Ratsadon group plans to stage rallies at Lat Phrao intersection, on Saturday and Sunday, to increase pressure on the government to meet their three main demands, namely the resignation of Prime Minister Prayut Chan-o-cha, the writing of a new Constitution and reform of the Monarchy.