Business leaders yesterday welcomed Barack Obama's re-election as US president, saying his policies should be continued to support Asia's economic growth and strong investment climate.
The Kasikorn Research Center views the Obama victory as beneficial to the Thai economy next year, based on continuity of existing US economic policies.
Much will hinge on whether the White House and Congress reach an agreement on fiscal and monetary policy, particularly a solution to the "fiscal cliff". Also, the third round of quantitative easing is expected to continue.
The upshot is the US should maintain economic momentum through next year, helping Thai exports.
Adirek Sripratak, the president and chief executive of Charoen Pokphand Foods, said the Obama victory is good news for the business sector.
"For CPF, we don't see any direct benefit from the US election, as the US accounts for just 2 billion baht or 10% of export sales," he said.
"But we cannot underestimate the indirect impact. We have to monitor whether anything changes, because the US economy greatly influences the Asian market."
Pornsil Patcharintanakul, vice-chairman of the Thai Chamber of Commerce, said the unchanged US policies will translate into little impact on Thailand. "Thai exports this year are very likely to show zero growth, while next year they may rise in single digits as the US and EU remain in trouble," he said.
Somyos Anantaprayoon, the president and chief executive of Warehouse Asia Corporation, celebrated the company's first day of trade yesterday and hailed Mr Obama's re-election as positive for global market sentiment.
He said Mr Obama's policies in the past has been supportive of expansion in Asia, and investors can expect more of the same.
"The US economy remains weak and the unemployment rate remains high, so they have to continue the policy to recover the country," said Mr Somyos. "That should take some time."
Rakpong Chaisuparakul, the research manager at KGI Securities, said the outcome of Tuesday's election clearly aided the Thai market as well as other global equities.
The US economic stimulus policy will continue.
Kosit Panpiemras, Bangkok Bank's executive chairman, said the continuation of policies will be a positive factor but should be accompanied by economic measures suited to the long term.
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