BANGKOK, 5 May 2014 – The Director of the Center for Economic and Business Forecasting (CEBF) of the University of the Thai Chamber of Commerce (UTCC) has shared his outlook regarding the Thai economy and the current political situation.
CEBF Director Thanawat Polvichai has stated that the outcome of the current political stalemate is difficult to predict. Nonetheless, he feels that people from all sides want the conflict to end swiftly, as the economy is heading into a downwards spiral. He added that the People’s Democratic Reform Committee (PDRC) and the red-shirt group are being very active within their movements, which makes it even more challenging to see which side might prevail.
Regarding the rising cost of living, Mr. Thanawat said that it really depends on a person’s overall view of the situation. From his perspective, inflation this year has risen by only 2 percent and the prices of consumer goods aren’t yet excessive. He went on to say that many business operators have raised their prices to stay in line with the consumers’ purchasing power.
Mr. Thanawat concluded by saying that the government should quickly come up with plans to help the economy recover and hold talks with the private sector regarding the prices of consumer products.