Private sector hails lifting of emergency decree

PHUKET CITY: The government’s lifting of the State of Emergency Decree in Bangkok and surrounding areas yesterday has drawn applause from the private-sector.

Federation of Thai Industries chairman Santi Vilassakdanont said the move would help restore confidence in the country.

The situation would return to normal in two weeks, he predicted

However the government must move more quickly to explain the situation to investors and the international media as many businessmen who had planned to come to Thailand had already canceled their visits, he said.

Thanawat Palavichai, director of the University of Thai Chamber of Commerce Economic and Business Forecasting Center, said the lifting of the decree would lead to recovery of the country’s economy, particularly the tourism sector.

However, expressions of optimism were made on the assumption that no more violent protests will take place in coming months and that all parties will tangibly co-operate in resolving the political crisis, he said.

Thailand has lost some Bt110 billion in revenue from tourism during the recent unrest and implementation of the decree With the lifting of the decree, it is expected the revenue loss would be limited to Bt50-70 billion or some 10-20% of total tourism revenues – not 30-40% as originally projected, Dr Thanawat said.

The tourism industry would shrink less than expected if all parties co-operate concretely to contain the violence and promote tourism.

— Thai News Agency