BANGKOK: Thailand’s finance minister expressed concern about a weak currency and damage to the economy yesterday as supporters and opponents of the government prepared for big rallies this month that risk pushing the divided country to the brink of chaos.
Planned infrastructure projects worth $65bn intended to boost an economy blighted by political tension and sagging exports would be postponed until the end of the year, Kittirat Na Ranong said, while the baht’s slide against the US dollar could hurt imports and raise energy prices.
Protesters intent on toppling Prime Minister Yingluck Shinawatra’s government want to suspend Thailand’s fragile democracy by thwarting a February election and installing a “people’s council” to reform the political system.
They are planning a “shutdown” of Bangkok from Jan. 13, deepening uncertainty about a poll Yingluck’s Puea Thai Party would otherwise be almost certain to win. Protesters have yet to reveal exactly what they will target, or for how long.
The crisis is similar to previous years, with the country polarised over the political dominance of Yingluck’s brother and former premier, Thaksin Shinawatra.
Many of Bangkok’s middle classes, old-money elites and royalists are angered by the influence of a man they say is a corrupt crony capitalist who manipulated the poor with giveaways designed to win votes and entrench the power of his billionaire family and business friends.
Political concerns have had an impact on markets and the currency, mainly due to worries that the Feb. 2 election called by Yingluck to reduce tensions would have the opposite effect.
reuters
