GDP growth to drop by 1% if political crisis drags on

BANGKOK, April 29 (TNA) – Thailand’s gross domestic product (GDP) will shrink by 1 per cent if the current political crisis drags on, according to a top banker.

Boontuck Wangcharoen, chief executive officer of TMB Bank (formerly the Thai Military Bank), said the  ongoing rally by the anti-government United Front for Democracy Against Dictatorship (UDD) at the downtown Ratchaprasong intersection had little impact on its loan portfolio because the number of bank clients operating businesses in the area is rather small.

Even so, the bank is ready to help its clients affected by the rally by extending the loan repayment period as it deems appropriate.

He said the anti-government protesters should adhere to a peaceful means for organising any activities. Their rallies should not infringe other people’s basic rights.

Should the rallies turn violent frequently, it would shake confidence  among foreign investors and tourists.If they were prolonged, the country’s GDP growth would drop by 1 per cent.

So TMB chief Boontak said he wants all conflicting parties to seek a way out through negotiation. (TNA)