Skip to comments.Thailandís Political Unrest Sapping GDP Growth
Posted on 11/11/2013 12:16:48 AM PST by TexGrill
The Thailand economy will expand 3.3-3. 4% this year, short of the 3.5% forcast, if the political protests are prolonged to the end of the year, an economist said Friday.
Thailands Senate is set to reject a proposed amnesty law for political offenses on 11 November after weeklong street protests raised concerns its passage would reignite political violence.
Opposition from the public, universities and business groups convinced a majority of Thailands 149 senators to block the legislation, Senate Speaker Nikom Wairatpanij said at a media briefing in Bangkok Wednesday.
More than 32,000 people joined demonstrations in the Bangkok, capital and 17 other provinces on 4 November according to police estimates, with the push for the amnesty law weighing on Thai stocks and the baht.
Thanavath Phonvichai, director of the Economic and Business Forecasting Center at the University of the Thailand Chamber of Commerce, urged the government to put an end to the ongoing political conflict, which is weighing on consumer confidence, tourism and investment.
Thai Consumer confidence in October fallen to its lowest level in 19 months.
The expected fall of 5-10% of foreign arrivals and the loss of 10-20-B baht (US$ 320-640-M) from their spending would pose a main drag on Thailands economic growth, according to Thanavath.
The legislative failure would be a setback for Thaksin Shinawatra, who was ousted as prime minister in a Y 2006 coup and has guided policy from abroad since his sister, Yingluck, won elections in Y 2011.
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