Private sector worried about political limbo

business February 03, 2014 00:00

By Business Reporters
The Nation

The private sector will meet soon to discuss yesterday's election, with the possibility of it being nullified, while brokerages warned that the country's image would be further sullied by the prolonged political crisis.

“This election has not benefited the country as it has been held amid the conflict. Inevitably, Thailand’s image would not be good in the eyes of foreigners and the media. But after seeing some violence, the current government may be unable to continue its work,” Vichai Assarasakorn, vice chairman of the Thai Chamber of Commerce, said yesterday.
Today, the committee of the three leading private organisations – the chamber, the Federation of Thai Industries and the Thai Bankers Association – would discuss the impact of the election on the economy at its monthly meeting.
Amonthep Chawla, vice president for research at CIMB Thai Bank, said the election was low-key as expected. 
“Now, the Thai economy has been slowing down for months due to fall in purchasing power and languishing investments,” he said. 
The boycott-marred election would further erode foreigners’ confidence in the country. This may be another negative factor to pressure capital outflow from the Thai capital market besides the US tapering of its quantitative easing, he added.