BANGKOK - Protests sweeping across Thailand threaten to snuff out chances of a consumption-led recovery from the nation's worst-ever economic slump.
Bank of Thailand's Governor Sethaput Suthiwart-Narueput voiced his concerns last week about the protests hurting confidence, consumption and investment. The central bank has already flagged that it may take at least two years for the economy to return to pre-pandemic levels. Unlike previous episodes of political turbulence, when the economy escaped major hits thanks to robust external demand, weak global growth now means support is limited to government measures, which protests threaten to derail, according to Somprawin Manprasert, chief economist at Bank of Ayudhya Pcl.
While the political unrest hasn't derailed any government programs, investors dumped shares of shopping mall operators such as Central Pattana Pcl and Asset World Corp. on concerns of weak sales. While Thailand was successful in containing the pandemic with a national lockdown and border closures, the measures rendered millions jobless and left small- and medium-sized businesses struggling.
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