Economic adademic says political situation slowing down economy

July 9th, 2008 - 12:25 pm ICT by Amrit Rashmisrisethi  

The Director of the Economic and Business Forecasting Center under the University of the Thai Chamber of Commerce, Mr. Thanawat Polvichai, expects the Thai economy to be more sluggish in the fourth quarter of this year due to the current political instability.

Mr. Thanawat comments on the Constitution Court’s ruling that the joint communique Thailand signed with Cambodia on June 18th supporting the listing of the Preah Vihear Temple as a World Heritage site is unconstitutional and the Supreme Court’s verdict to ban former house speaker Yongyuth Tiyapairat from politics for five years for electoral fraud. He says these factors will cause the Thai economy to slow down later this year. He says foreign investors are also starting to slow down their investments. Yesterday, foreign investors sold off their shares in the stock market worth more than three billion baht.

Mr. Thanawat says the present government needs to finish considering the fiscal budget this August. He points out that if the parliament dissolves unexpectedly, the money could not be used for stimulating the economy.

Source : National News Bureau, Public Relations Department of Thailand

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Posted in Business, Politics, Thailand |