Thailand is to hold its long-awaited general election on 24 March, its first since a military coup almost five years ago.

The announcement, which came hours after King Maha Vajiralongkorn signed a royal decree formalising the election, marks a significant moment in the country’s return to democracy.

The military junta, which overthrew the government of Yingluck Shinawatra in a bloodless coup in May 2014, has repeatedly postponed the elections, initially claiming Thailand was “not ready”.

The Thai election commission chairman, Ittiporn Boonprakong, announces the date of the election. Photograph: Narong Sangnak/EPA

The elections were expected to be held on 24 February, but the junta delayed again at the start of this year over concerns that the announcement of the winners could potentially clash with preparation for the coronation of the king, which is planned for 4-6 May.

But speaking on Wednesday afternoon, an election commission spokesperson said: “24 March will be the election day.”

At the end of last year, the junta lifted the draconian restrictions on political campaigning and protests in place since 2014, preventing all political activity and gatherings of more than five people. As the election delays dragged on, a growing number of Thais took to the streets in pro-democracy protests over the last few weeks, demanding that the junta finally declare an official election date.

The last legally recognised general election in Thailand was eight years ago, when Yingluck took office. After a period of political unrest, elections were held again in 2014 but were later declared invalid by the Thai constitutional court.

Previous elections have been marked by protests that often descended into violence between pro-democracy and pro-military groups. Prayut Chan-o-cha, the prime minister and leader of the military government, called for an “environment of orderliness, civility and unity” during and after the next elections.

The Thai prime minister, Prayut Chan-o-cha, has called for peaceful elections. Photograph: Narong Sangnak/EPA

How truly democratic the elections,will be is questionable. A new constitution drawn up and passed by the junta means the system is heavily skewed in favour of maintaining the power of the military over the Thai parliament. In an unprecedented move, the military has also formed its own political party to run in the election.

Yingluck Shinawatra, whose government was ousted in the military coup, and her brother, Thaksin, live in exile. Photograph: Jorge Silva/Reuters

While Pheu Thai, the political party of Yingluck and her brother, Thaksin Shinawatra, who was prime minister between 2001-2006, remains the most popular party in Thailand, many are predicting that Prayut will be returned as prime minister owing to powerful military influence and fractures in Pheu Thai’s leadership. Yingluck and Thaksin live in exile and are banned from taking part in any political activity.

Under the law, the election commission has to endorse winning members of parliament within 60 days of a vote, and parliament must convene within 15 days of the results.