Election delay has little economic impact, says JSCCIB

Election delays will not derail economic growth, according to the Joint Standing Committee on Commerce, Industry and Banking. (Bangkok Post file photo)

Business operators expect no major impact on the economy from election delays and pin their hopes on government investment to drive gross domestic product again this year.

The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) said on Wednesday the likely further postponement of the general election should pose no risk to the economy because it would not affect state budget spending.

The joint panel of the key industry sectors said factors outside the country, including the trade spat between the United States and China, coupon rate rises by the US Federal Reserve and the US economic outlook would put pressure on the Thai economy, not the election date.

The election planned for Feb 24 will be delayed and the new date remains unclear. The government has said it will be held within the deadline of May 9.

The joint committee confirmed its previous GDP forecast for this year of between 4% and 4.3% growth, driven by public investment.