Thai protests could trim GDP growth by 0.5 percentage points

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Thailand protests1If anti-government protests and political instability in Thailand continue, GDP growth of the country could be seriously threatened, the Economic and Business Forecasting Center at the University of the Thai Chamber of Commerce said on August 6.

The – so far – peaceful protest marches in Bangkok are already putting pressure on the economy by trimming GDP growth by around 0.1 to 0.2 percentage points if they last longer. If they turned violent and continued until October, the start of the high tourism season, the projected growth rate could drop by up to 0.5 percentage points to just 3.7-3.8 per cent for the year 2013 as per the chamber’s and the bank of Thailand’s already reduced forecast.

Effects of continued protests are unease among investors, lower domestic consumption and less tourists due to possible travel warnings which is hurting the economic system as a whole.

On Wednesday, August 7, in the morning, protesters said they were ready to march to the government district in Bangkok to break police barriers and disturb government sessions on disputed amnesty bills that could pardon people involved in abuses during the military crackdown on anti-government protesters in 2010 and even allow ousted former prime minister Thaksin Shinawatra to return to Thailand without facing any charges for corruption and other misdeeds.

The government faces protests from two key groups, the newly formed People’s Democratic Force to Overthrow Thaksinism (Pefot), who are camped at Bangkok’s Lumphini Park, and supporters of the Democrat Party, who have converged at a sports ground not far from parliament.

Meanwhile, the United Nation’s human rights office has been urging the Thai government to oppose the proposed amnesty law “that could allow some serious human rights offenders to go unpunished.”

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Reading Time: 2 minutes

If anti-government protests and political instability in Thailand continue, GDP growth of the country could be seriously threatened, the Economic and Business Forecasting Center at the University of the Thai Chamber of Commerce said on August 6.

Reading Time: 2 minutes

Thailand protests1If anti-government protests and political instability in Thailand continue, GDP growth of the country could be seriously threatened, the Economic and Business Forecasting Center at the University of the Thai Chamber of Commerce said on August 6.

The – so far – peaceful protest marches in Bangkok are already putting pressure on the economy by trimming GDP growth by around 0.1 to 0.2 percentage points if they last longer. If they turned violent and continued until October, the start of the high tourism season, the projected growth rate could drop by up to 0.5 percentage points to just 3.7-3.8 per cent for the year 2013 as per the chamber’s and the bank of Thailand’s already reduced forecast.

Effects of continued protests are unease among investors, lower domestic consumption and less tourists due to possible travel warnings which is hurting the economic system as a whole.

On Wednesday, August 7, in the morning, protesters said they were ready to march to the government district in Bangkok to break police barriers and disturb government sessions on disputed amnesty bills that could pardon people involved in abuses during the military crackdown on anti-government protesters in 2010 and even allow ousted former prime minister Thaksin Shinawatra to return to Thailand without facing any charges for corruption and other misdeeds.

The government faces protests from two key groups, the newly formed People’s Democratic Force to Overthrow Thaksinism (Pefot), who are camped at Bangkok’s Lumphini Park, and supporters of the Democrat Party, who have converged at a sports ground not far from parliament.

Meanwhile, the United Nation’s human rights office has been urging the Thai government to oppose the proposed amnesty law “that could allow some serious human rights offenders to go unpunished.”

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