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Apisak Tantivorawong, president of Krung Thai Bank, said the situation had dragged on for two years and it was time some calm was restored.

He said the showdown was purely political, which is irrational, and everyone wants to win. This desire to win at any cost will ruin the country and the economy and nobody knows where it will end.

"What the private sector wants to know is how and when this problem will be resolved. If we can't know this, things could happen and affect confidence which will erode consumption and investment," said Apisak, who said the trouble came at a time when Thailand is also facing the fallout from the global economic problems.

"No proposal to end this conflict can work unless all cooperate," he said, adding that only when there is an agreement on all sides to reach a peaceful solution would confidence return.

Voravan Tarapoom, president of the Association of Investment Management Companies, said: "The AIMC conveys its sympathies to the families whose members were killed or injured. All kinds of violence must stop and a solution must be found to end the crisis or the country will face more damage."

 Pramon Sutivong, chairman of the Board of Trade of Thailand, said the country's economic growth next year could be only 1 per cent, against the target of 4 to 5 per cent. He said export growth would not reach double-digits and unemployment could spiral upwards.

Pramon said the private sector would seek a meeting with the Cabinet again next Tuesday to seek a way out.

Chon Buri Chamber of Commerce chairman Sunthorn Tanyawatanakul said Tuesday's clashes had shocked even him, not to mention the fear they would cause to foreigners. He said the only way out now was to amend some clauses in the Constitution and dissolve the House. All then must accept the election results and the protests must end.

"Opposition Leader Abhisit Vejjajiva said the House should be dissolved without any constitutional amendments. I don't know if he said that in emotion. What if his Democrat Party does not win the election, protests would reoccur, and then what would happen to the country?" he said, adding that another coup would plunge the Kingdom into the abyss.

Roi Et Chamber of Commerce chairman Staporn Mongkolsawat said Tuesday's clashes would certainly affect trade, investment and tourism. He said House dissolution should be the answer, as power would then be returned to the public.

However, Chiang Mai Chamber of Commerce chairman Narong Tananuwat said a House dissolution would not bring the country back to normal.

 "If the People Power Party returns to power after the election, would we continue the fighting? Right now, we don't honour law and Thailand's fundamentals have been ruined. Everyone must face up to the problems and ponder what has caused them, so that they can jointly find a solution."