News / Asia

Thai Economy at Risk as Political Rivals Vow Mass Rallies

People hold candles as they form a peace sign during an anti-violence campaign in center of Bangkok, Thailand, Jan. 3, 2014.
People hold candles as they form a peace sign during an anti-violence campaign in center of Bangkok, Thailand, Jan. 3, 2014.
Thailand's finance minister expressed concern about a weak currency and damage to the economy on Friday as supporters and opponents of the government prepared for big rallies this month that risk pushing the divided country to the brink of chaos.
Planned infrastructure projects worth $65 billion intended to boost an economy blighted by political tension and sagging exports would be postponed until the end of the year, Kittirat Na Ranong said, while the baht's slide against the U.S. dollar could hurt imports and raise energy prices.
Protesters intent on toppling Prime Minister Yingluck Shinawatra's government want to suspend Thailand's fragile democracy by thwarting a February election and installing a "people's council" to reform the political system.
They are planning a "shutdown" of Bangkok from January 13, deepening uncertainty about a poll Yingluck's Puea Thai Party would otherwise be almost certain to win. Protesters have yet to reveal exactly what they will target, or for how long.
The crisis is similar to previous years, with the country polarized over the political dominance of Yingluck's brother and former premier, Thaksin Shinawatra, 64, who lives in self-imposed exile to avoid a jail sentence.
Many of Bangkok's middle classes, old-money elites and royalists are angered by the influence of a man they say is a corrupt crony capitalist who manipulated the poor with giveaways designed to win votes and entrench the power of his billionaire family and business friends.
However, millions of poor in the north and northeast who benefited from cheap healthcare, micro-loans and generous subsidies hail Thaksin as a hero and are willing to take to the streets to defend his governments.
Those supporters, better known as the "red shirts", held mass rallies in support of Thaksin in 2010, which ended with the deaths of more than 90 people in military offensives to retake occupied sites in Bangkok.
The red shirts, who were instrumental in bringing Yingluck to power in 2011, announced on Friday they would enter the fray by holding rallies of their own outside the capital to protect democracy and counter those staged by the anti-government group.
'We want election’
"Red shirts will gather across the country to show the world who are the owners of sovereignty," said one of their leaders, Nattawut Saikuar, who is also deputy commerce minister. "We want an election and we will go for it."
The prospect of rival groups gathering in large numbers does not bode well for Thailand and risks intensifying a crisis that in recent weeks has seen sporadic bouts of violence, including clashes between demonstrators and riot police and several deadly shootings by mystery gunmen.
Anti-government demonstrators plan to march through Bangkok daily starting from Sunday in a bid to re-energize supporters after the year-end break, before which more than 200,000 had rallied peacefully in the capital.
Political concerns have had an impact on markets and the currency, mainly due to worries that the Feb. 2 election called by Yingluck to reduce tensions would have the opposite effect.

Bearish bets on the Thai baht are at their highest in nearly two years as the political crisis escalates, according to a Reuters poll released on Friday.
The baht slid to 32.98 per dollar on Friday, its weakest since February 2010. The benchmark stock index closed down 0.5 percent at 1,224.62 on Friday, with investors selling major stocks. Earlier it hit 1,208.60, the lowest since August 2012, and has lost 15 percent since the start of November.
"The current weakness of the Thai baht is a bit of a worry," Finance Minister Kittirat told reporters. "It is supportive to exports but could hurt imports and the cost of energy."
Any postponement to the poll, which the Election Commission has asked for, could seriously impact policymaking and expose the government to more attacks and the possibility of military or judicial intervention, analysts say.
Yingluck refuses to cave in and says a change of the poll date would be unconstitutional.
The crisis seemed unlikely only a few months ago, when Thaksin's opponents appeared to be tolerating Yingluck's government. Her Puea Thai party tried to force through an amnesty bill that would have nullified Thaksin's conviction, sparking the latest round of protests.

You May Like

Photogallery Belgian Security Measures Foreshadow New Normal for Europe

Rising threat of terrorism, disaffected Muslim populations and open borders, along with refugee, migrant crisis, are creating perfect storm for Europe, which some analysts fear continent is ill-suited to weather

Competing Claims of Responsibility for Mali Hotel Attack

Malian authorities ask public for help in identifying gunmen killed in attack, amid conflicting claims of responsibility from multiple jihadist groups active in the country

Video Debt-ridden Refugees Await Onslaught of Lebanese Winter

Aid agencies are attempting to reduce potentially devastating consequences of freezing conditions and snowstorms that killed eight last year, including three Syrian refugees

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
After Paris Attacks, France Steps Up Fight Against ISi
November 24, 2015 3:04 AM
The November 13 Paris attacks have drawn increased attention to Syria, where many of the suspected perpetrators are said to have received training. French President Francois Hollande is working to build a broad international coalition to defeat Islamic State in Syria and in Iraq. Zlatica Hoke reports.

Video After Paris Attacks, France Steps Up Fight Against IS

The November 13 Paris attacks have drawn increased attention to Syria, where many of the suspected perpetrators are said to have received training. French President Francois Hollande is working to build a broad international coalition to defeat Islamic State in Syria and in Iraq. Zlatica Hoke reports.

Video US, Cambodian Navies Pair Up in Gulf of Thailand

The U.S. Navy has deployed one of its newest and most advanced ships to Cambodia to conduct joint training drills in the Gulf of Thailand. Riding hull-to-hull with Cambodian ships, the seamen of the USS Fort Worth are executing joint-training drills that will help build relations in Southeast Asia. David Boyle reports for VOA from Preah Sihanouk province.

Video Americans Sharpen Focus on Terrorism

Washington will be quieter than usual this week due to the Thanksgiving holiday, even as Americans across the nation register heightened concerns over possible terrorist threats. VOA’s Michael Bowman reports new polling data from ABC News and the Washington Post newspaper show an electorate increasingly focused on security issues after the deadly Islamic State attacks in Paris.

Video World Leaders Head to Paris for Climate Deal

Heads of state from nearly 80 countries are heading to Paris (November 30-December 11) to craft a global climate change agreement. The new accord will replace the Kyoto Protocol on Climate Change that expired in 2012.

Video Uncertain Future for Syrian Refugee Resettlement in Illinois

For the trickle of Syrian refugees finding new homes in the Midwest city of Chicago, the call to end resettlement in many U.S. states is adding another dimension to their long journey fleeing war. Organizations working to help them integrate say the backlash since the Paris attacks is both harming and helping their efforts to provide refugees sanctuary. VOA's Kane Farabaugh reports.

Video Creating Physical Virtual Reality With Tiny Drones

As many computer gamers know, virtual reality is a three-dimensional picture, projected inside special googles. It can fool your brain into thinking the computer world is the real world. But If you try to touch it, it’s not there. Now Canadian researchers say it may be possible to create a physical virtual reality using tiny drones. VOA’s George Putic reports.

Video New American Indian Village Takes Visitors Back in Time

There is precious little opportunity to experience what life was like in the United States before its colonization by European settlers. Now, an American Indian village built in a park outside Washington is taking visitors back in time to experience the way of life of America's indigenous people. Carol Pearson narrates this report from VOA's June Soh.

Video Even With Hometown Liberated, Yazidi Refugees Fear Return

While the northern Iraqi town of Sinjar has been liberated from Islamic State forces, it's not clear whether Yazidi residents who fled the militants will now return home. VOA’s Mahmut Bozarslan talked with Yazidis, a religious and ethnic minority, at a Turkish refugee camp in Diyarbakır. Robert Raffaele narrates his report.

Video Nairobi Tailors Make Pope Francis’ Vestments

To ensure the pope is properly attired during his visit, the Kenya Conference of Catholic Bishops asked the Dolly Craft Sewing Project in the Nairobi slum of Kangemi to make the pope's vestments, the garments he will wear during the various ceremonies. Jill Craig reports.

Video Cross-Border Terrorism Puts Europe’s Passport-Free Travel in Doubt

The fallout from the Islamic State terror attacks in Paris has put the future of Europe’s passport-free travel area, known as the "Schengen Zone," in doubt. Several of the perpetrators were known to intelligence agencies, but were not intercepted. Henry Ridgwell reports from London European ministers are to hold an emergency meeting Friday in Brussels to look at ways of improving security.

Video El Niño Brings Unexpected Fish From Mexico to California

Fish in an unexpected spectrum of sizes, shapes and colors are moving north, through El Niño's warm currents from Mexican waters to the Pacific Ocean off California’s coast. El Nino is the periodic warming of the eastern and central Pacific Ocean. As Faiza Elmasry tells us, this phenomenon thrills scientists and gives anglers the chance of a once-in-a-lifetime big catch. Faith Lapidus narrates.

Video Terrorism in Many Forms Continues to Plague Africa

While the world's attention is on Paris in the wake of Friday night's deadly attacks, terrorism from various sides remains a looming threat in many African countries. Nigerian cities have been targeted this week by attacks many believe were staged by the violent Islamist group Boko Haram. In addition, residents in many regions are forced to flee their homes as they are terrorized by armed militias. Zlatica Hoke reports.

Video Study: Underage Marriage Rate Higher for Females in Pakistan

While attitudes about the societal role of females in Pakistan are evolving, research by child advocacy group Plan International suggests that underage marriage of girls remains a particularly big issue in the country. VOA’s Ayesha Tanzeem reports how such marriages leads to further social problems.

VOA Blogs