Political uncertainty slams Thailand’s economy

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TRANG, Nov 25 – Former deputy prime minister Somkid Jatusripitak predicts a grim economic future for Thailand in light of political instability and the public’s growing distrust of the government.

He said Thailand’s economic setback is mainly due to four major factors – declining exports, consumption, investment and public spending. The country’s export growth will possibly be less than 3 per cent this year.

Thailand’s exports may strengthen, while the other three factors will barely improve, resulting in low economic growth, and a volatile money and capital market next year, he said.

Investors are concerned with domestic political uncertainty which hampers the country’s competitiveness, he said, urging businessmen to adjust for their survival.

Mr Somkid called on the country’s leaders to sacrifice, be patient and talk with the people as the political debacle has intensified.

He reaffirmed that the people have the right to rally on the city’s streets, but demonstration leaders must ensure the safety of the protesters, while the prime minister act for the survival of the country.