Future of Thailand’s Economy Relies on Stable Governance
Thailand economy is in dire need of a stable government that can resolve the adversities, which are currently being experienced by the country.
Both the pro-military and anti-military parties claim to have won the majority and are in a shape to form the government. The elections proved to be a success as the close initial results of the election showed a narrow win for Pheu Thai Party after gaining approximately 129 seats. They were followed by the pro-military, Palang Pracharath Party that won 117 seats approx.
Uncertainty of being able to establish the majority and form a stable government can prove to be fatal for the Thailand economy – which is still recovering from the military takeover of 2014 led by Prayut-Chan-o-cha. The country cannot afford another economic crisis.
After the change of 2016, the laws of the country are already set in the favour of Palang Pracharath. This change gave pro-military parties, a power to appoint all 250 members of the upper house, who will then collectively vote for the prime minister – along with 500 members of the lower house.
The alliance needs to have a total of 376 seats for a majority to form a stable government. On the other hand, the Junta party needs around 130 seats only to present the majority, which sets them on advantage.
Pheu Thai led alliance comprises of Future Forward, Seri Ruam Thai, Prachachart, Puea Chat and Palang Puangchonthai, while New Economics party has promised to join the alliance.
The prime ministerial candidate of the alliance, Sudarat Keyuraphan said, “The people’s expectations are for us to keep our promise to the people, which is to stop the junta’s extension of power and for us to be able to form a government. We will try our best to fulfill the people’s expectations.”
She also mentioned that the main objective of the alliance is to make sure that Junta party does not return in power with Prayut-Chan-o-cha as the prime minister.
The final preliminary result comprising 95 percent of the total votes will be released on Friday. The other five percent of votes will not be counted due to investigations for misconduct.
The upcoming result of the elections can threaten Thailand economy by affecting foreign reserves, tourism and exports of the country to other neighbouring countries. Depression in the productivity and declining investments need to be fixed at the earliest before the economy of the country collapses forever.
The delay in formation of a government will surely mark adverse effects on the country. To prevent the development of the Thailand economy from being negatively affected, a stable government with complete majority is required.
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