Connect with us

News

Poll welcomed by political parties and investors, but…

Thaiger

Published 

 on 

While the planned election in November next year announced by Prime Minister Prayut Chan-o-cha has been welcomed, politicians say controls on political activities should be relaxed and investors still view the situation as uncertain.

The heads of the Constitution Drafting Commission (CDC) and National Legislative Assembly (NLA) have jointly echoed the junta leader’s promise and assured that organic laws would be finished in time to allow the election.

Nipit Intrasombat, deputy leader of Democrat Party, said “as a politician, I am now more confident because the PM’s remarks were clear”.

Despite speculation that complications in the legislation could delay the so-called “road map to democracy”, Nipit said yesterday that at least the announcement could constitute a form of insurance that the organic bills would not be rejected by the NLA.

Chalitrat Chantarubeksa, spokesman of Chart Pattana Party, yesterday said Prayut’s announcement signalled sincerity and an attempt to create a better atmosphere in the country, especially in the investment sector.

Chart Thai Pattana Party was ready to cooperate to push the country through the road map towards the election as well as rebuild national unity, he said.

Pheu Thai Party former deputy secretary-general Chavalit Wichayasut said he welcomed the move but urged the junta to renounce its absolute powers under Article 44 of the interim constitution and to ensure the rule of law to boost national credibility.

“Now, some people are still questioning whether there is discrimination in the judicial system, (with authorities) using the law to punish someone retroactively,” Chavalit said, apparently referring to a new law stipulating legal procedures against politicians in criminal cases that can proceed in absentia.

Meanwhile, private investment is expected to rise moderately after investors gained confidence from a clearer direction in politics.

The stock market yesterday closed at 1,714.14, up 0.42 per cent, in the second day that the index stayed above 1,700.

However, Amonthep Chawla, head of research office at the CIMB Thai Bank, was cautious about the equity market. He said that if the US Federal Reserve increases its policy rate in December and President Donald Trump successfully pushes through tax cuts, that could lead to some capital outflows from Thailand.

It might be small correction, as the Thai stock market had increased at a slower pace compared with bourses in China and Vietnam, he said.

He said he expected that the economy might accelerate in the fourth quarter of next year during the election period and economic growth next year would be 3.8 per cent up from an estimated growth rate of 3.7 per cent this year. Private investment was expected to rise but the pace of the rise would not accelerate, Amonthep said.

Private investment depended on politics but also on many factors such as the shortage of skilled labour and household debt, which affected domestic consumption, he added.

Tanit Sorat, vice chairman of the Employers’ Confederation of Thai Trade and Industry, said private investment was expected to remain slack because local industries were burdened with excess production capacity.

About 30 per cent of machinery and factories were idle, although exports had increased, he said. New investment may come when exports regain momentum and economic growth is more equitably distributed across society.

The clear election timetable had improved investor confidence but political uncertainty remained, Tanit said.

The political situation would be much clearer in the middle of next year and after the November election as investors look for political stability, he said.

“Many investors may wait and see, or choose to invest in other Asean countries. There are many choices of location for investment,” he said.

STORY: The Nation

 

Want more Thailand news from the Thaiger family?

📱 Download our app on Android or iOS for instant updates on your mobile
📝️ Join the conversation on Thaiger Talk - discuss news & life in our Thailand forums
📧 Subscribe to our daily email newsletter
👍 Like/Follow us on Facebook
🔔 Subscribe to or Join our YouTube channel for daily video updates

image

Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Thailand's largest online portal for news and information.

Follow Thaiger by email:

Coronavirus (Covid-19)8 hours ago

Dole pineapple factory has 34 new Covid-19 cases, 413 total

Coronavirus (Covid-19)9 hours ago

Chinese Sinovac vaccine debuts in Singapore to high demand

Drugs10 hours ago

Drug smuggler caught in Kalasin with 300 kg of marijuana

Phuket Sandbox July 1st

days
hours
minutes
seconds

Thaiger is getting behind local businesses for the restart of tourism in July - up to 50% discounts across all advertising packages in June!

Politics11 hours ago

Amendment to reform Constitution rejected by Parliament

Medical12 hours ago

Gender Health Clinic opens in Bangkok for transgender needs

Coronavirus (Covid-19)15 hours ago

30 million baht added to vaccine side effects compensation fund

Coronavirus (Covid-19)16 hours ago

Plan for 16-week gap between AstraZeneca vaccines dropped

Coronavirus (Covid-19)17 hours ago

CCSA: 120 day reopening will proceed with conditions

Tourism18 hours ago

Sandbox latest, CCSA says all regions reopening must reach 70% local vaccination

Coronavirus (Covid-19)20 hours ago

Covid UPDATE Saturday: 3,667 new infections and 32 deaths

Politics21 hours ago

Thamanat elected to role of head ‘fixer’ in Palang Pracharat party

Expats1 day ago

List: China has over 50% of all foreign-owned condos in Thailand

Coronavirus (Covid-19)1 day ago

Government plans 10 million vaccines for July

World1 day ago

Thailand News Today | Vaccine deaths investigation, PM heads to Phuket, BMA extends vendor licences | June 18

Thailand2 days ago

1 million AstraZeneca doses arrive, Anutin says “more” on the way

Thailand4 months ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism4 months ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket4 months ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism4 months ago

Phuket Thai food treats you need to try | VIDEO

Thailand4 months ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism4 months ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand5 months ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand5 months ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand5 months ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand5 months ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand5 months ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand5 months ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand5 months ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand5 months ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

Thailand5 months ago

Thailand News Today | Southern floods, Face mask fines, Thai Air Asia woes | January 8

Trending