The election result is clear and the MOU to form a 312-seat government in the 500-seat parliament is agreed. But who will lead Thailand and its economy for the next four years is unclear. Whether it will be a pro-equality government, pro-growth government, or even a pro-big-spending government remains in doubt.
While big boys are toying with the future of Thailand and the livelihoods of 70 million citizens, the economy continues to weaken. The Bank of Thailand has announced April's economic data a couple of weeks ago, and the data point in the opposite direction of a recovery. Readers can count the number of times a decline appears compared to the first quarter and decide for themselves. Here it goes.
Exports (in value) declined a further 4.9% compared to a contraction of 4.6% in the first quarter; the Manufacturing Production Index declined by 8.1% compared to a contraction of 3.7% in the first quarter; the capacity utilisation rate (seasonally adjusted) declined to 59% compared to 60.9% in the first quarter; the current account balance declined to a deficit of US$0.5 billion compared to a $4 billion surplus in the first quarter; and money supply growth declined from an already low-level growth to 2.4% compared to 3.3% growth in the first quarter.
