Business chiefs welcome 'stability' ruling will bring

Business chiefs welcome 'stability' ruling will bring

The private sector has welcomed the Constitutional Court's ruling on Gen Prayut Chan-o-cha's eight-year term as prime minister as good for the economy.

Sanan Angubolkul, chairman of the Thai Chamber of Commerce, said he believed it gives the government the stability to run the country and host the Apec summit next month.

"Foreign investors will have more confidence in the Thai economy and I'm confident that our economy will grow at least 3% this year," he said, adding that some investors may be worried about protests but he believed the government can manage the situation and there will not be any violence.

Chaichan Chareonsuk, president of the Thai National Shippers' Council (TNSC) said such stability will add to the confidence of the private sector to further invest in the country.

"Thailand will host the Apec meeting soon so we need to show the potential of the country and need political stability as well," he said, adding that with the next election just around the corner, the business sector needs to see continued good policies that move the country forward.

Analysts at Asia Plus Securities said the ruling had little impact on stock market sentiment.

Kasikorn Securities said it maintains a view that when the Thai stock market is down this round, investors should gradually buy shares as Thai inflation has passed its peak while GDP is recovering.

The stock market swung slightly on Friday after the verdict, as major policy changes are unlikely. The investment direction is mainly impacted by external factors such as oil prices, and the conflict between Russia and Ukraine, both of which have led to the economic slowdown, the company said.

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