Economic growth could be curtailed in 2014 if the government pushes ahead with a general election on Feb 2 amid continuing political conflict, former finance minister Thanong Bhidaya warned on Wednesday.
In a speech on “Thailand’s Economic Risk Assessment”, Mr Thanong said he expected the country’s gross domestic product growth to range between 4.5% and 5% next year.
But he argued that figure could be slashed to less than 4% if the election is held before the current political dispute is settled and new election regulations introduced.
Mr Thanong suggested that an impartial committee should be set up to plan reform and propose new election rules.
Reforms should focus on eliminating corruption from politics, since this is the root cause of the current turmoil. If possible, new rules and regulations should be put in place before the next general election, he said, adding that the election could be postponed for one or two months if necessary.
However, the ex-minister said any postponement should be short-term, and not go on for 12-18 months as proposed by the People's Democratic Reform Committee (PDRC).
He believed foreign investors would understand the situation and their confidence in Thailand will be accordingly restored if the election were put on hold briefly while the country takes action to tackle corruption.