Private Sector Alarmed By Political Turmoil

(27 November) Prominent representatives of private sector urges all political factions to end the ongoing turmoil to avoid possible risks in economic slowdown after foreign investors shows sign to withdraw their investment in Thailand.

 Mr. Phayungsak Chatsuthiphol, President of the Federation of Thai Industry (FTI), revealed that foreign investors have raised concerns over the current political crisis and suggested that every party should open the negotiation table to constraint the divided society.
 FTI president also warned that the export, tourism and investment sectors could be worsened if the situation lingered for too long, and that the nation might take a while to recover from the loss. 
 Mr. Phayungsak said FTI members will meet to discuss the measure to tackle exports struggle after the political turmoil diminishing January 2014 orders.
 “Some says the dissolution of the parliament could be the exit, or the best possible answer to normalise the situation. But from my perspective, whoever becoming the government would face the same fate as the current government is facing. It is difficult to say if the dissolution would work”, said Mr. Phayungsak.
 Mr.Yutthachai Soonthornrattanavej, president of the Association of Domestic Travel (ADT), estimated that 20-30% of Thai tourists should decline 20-30% in December from its normal rate at 8-9 million.
 Mr.Samphan Paenpattana, Thai Hotel Association (THA) Honorary Advisor, agreed with Mr. Yutthachai and said that 20% of tourists would be possibly decreased and if the protests do not end within this week, hotels reservation in December may result in only 55-60% from 80-85% of full capacity prior to the mass protests.
 Meanwhile, Ms. Laksamon Atthataphit, Senior Economic from Asian Development Bank, said that the bank is ready to lower its Thailand’s GDP growth to be under 3.8% due to fears that the political crisis would cripple Thai exports. 
 "Some of the private sectors are taking damage from the political situation already," Ms. Laksamon added.

For comments, or corrections to this article please contact: [email protected]

You can also find Khaosod English on Twitter and Facebook