Outcome of US presidential election won’t affect Thai economy

BANGKOK, November 7 (TNA) - Several leading economists are optimistic that the outcome of US presidential election, set on November 6 (US time), will not seriously affect the Thai economy. Speaking at a seminar in Bangkok on Tuesday, former finance minister Thanong Bidaya said the election for the 45th US President, contested by incumbent US Democrat President Barack Obama and his Republican challenger, Mitt Romney, should not have much impact on the Thai economy, as campaigned economic policies of both of them are not much differed from each other. Thanong told the seminar if Romney won the new US presidential election, his government might be pressured politically to take side with the majority and might have to build a balance between trade and politics, which would take shape after the election. Pongsak Assakul, Chairman of the Thai Chamber of Commerce, opined that no matter who wins the new US presidential election, global and Thai economies should not change much, pointing out although Romney has said during his election campaigns that the United States has to counter attack the Chinese government for its strong yuan policy, in practice Romney could not do much, as there would be many problems he would have to prioritize if he became the new US president, including injecting more than 200 billion US dollars to rehabilitate victims of the superstorm Sandy recently hit the US east coast. Wiwan Tharahirunchote, chief executive of Kasikorn Research Centre (KRC), foresaw the world market should be greatly relieved if Obama was re-elected, as US major economic policies would remain unchanged and the US economy would gradually recover, which should be more beneficial to the 10-member Association of Southeast Asian Nations (ASEAN) and the Thai economy, but if Romney won, the global market could become bullish only in the short-term and the US financial position could then be affected in the long run. Sethaput Suthiwart, Chairman of Thai Future Foundation, noted that no matter who wins the new US presidential election, US middle-class citizens will not be affected because both agree on not increasing tax. Setthaput also projected that the Thai economy should grow by over 5 per cent this year and by 4-5 per cent next year. (TNA)