Academic warns of economic damage caused by rubber protests

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BANGKOK, 6 September 2013 The University of the Thai Chamber of Commerce has assessed that the Thai economy might suffer from a loss of up to ten billion baht if the ongoing protests by rubber farmers lasts for a month. 

Director of the Center for Economic and Business Forecasting Thanawat Pholwichai said on Thurday that the prolonged protests might affect the Thai economy by 0.1%. The academic therefore urged the government to negotiate with the protesters as soon as possible, saying the protests would not significantly damage the economy if the two sides agreed within one week.

Most of the protests’ effects on the economy would be caused by entrepreneurs’ inability to transport their products, especially cement and seafood, by train and other normal routes. The protests might also affect tourism since high-season in the southern region is approaching, Mr Thanawat said