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Chief executives of major listed firms yesterday voiced concern that the country's economic situation would possibly get worse next year, following the prolonged global economic downturn and the local political turmoil.

Somprasong Boonyachai, chairman of Shin Corp's executive committee, said at a seminar  yesterday that the global economic downturn and the country's political turmoil would have a clear negative impact on Thailand's economy next year. This impact will affect both major local firms and small and medium enterprises, when consumer spending dropped. The seminar was hosted by Krungthep Turakij newspaper.

"When consumer spending drops, they will reduce the budget to use mobile phones and delay buying new mobile phones. That means our sales may drop next year," he said.

Due to the scenario, telecommunication firms will be more cautious in their spending next year. However, they still have to invest in developing the 3G mobile broadband technology, he said.

Property developer firm Preuksa Real Estate chief executive officer Thongma Vijitphongpan said demand to buy residential projects might drop when home-buyers become concerned about their future earnings once the country's economy feels the negative impact of the global economic slump and the country's political turmoil.

The negative impact from the global economic slump will start to affect Thailand's property market in the second half of this year. "We believe the property market will see a downturn next year," he said.

He added that property developers have to revise their investment and business plan on a quarterly basis next year before making decisions to invest or launch new projects.

PTT's senior executive vice president, corporation strategy and development Tevin Vongvanich, said the company will feel the impact from the economic slump when oil consumption dropped.

However, he said this is a good time for PTT to expand its investment to buy or take over related business that faced a financial crisis.