The recent order by the Constitutional Court to suspend Pita Limjaroenrat, the leader of the Move Forward Party (MFP), from his duties as a member of the House of Representatives has sparked concerns within the business sector. There are apprehensions regarding potential street protests and the impact on Thailand’s economy.
Nath Vongpanich, President of Central Restaurants Group (CRG), stated that while politics may not directly influence the restaurant and beverage business expansion, a swift appointment of a new prime minister is crucial for effective country management. He emphasized that political stability plays a significant role in attracting foreign investment.
Praphon Potivorakhun, Deputy Managing Director of Mitsubishi Electric Kang Yong Watana, expressed worry about potential street protests and their potential negative impact on the country’s economic recovery. He cautioned that a domestic economic slowdown combined with an unstable political situation could deter foreign investment in Thailand.
Kriengkrai Thiennukul, Chairman of the Federation of Thai Industries (FTI), expects the Pheu Thai Party to lead a new government and initiate economic plans. However, Kriengkrai expressed confidence as long as the process of forming the new government adheres to the timeline. The FTI anticipates a new prime minister will be appointed during the third parliamentary voting session. Any delays caused by political conflicts, including street demonstrations by Pita’s supporters, would raise concerns, potentially impacting new investment plans and budgeting for the upcoming fiscal year.
Many business leaders are eagerly awaiting the composition of the new government and its policy direction before making decisions regarding their investment projects. Additionally, Thailand needs to expedite the budget planning process to stimulate economic recovery, as emphasized by the FTI.