Thai Election in December, Referendum by September
By Beth Jinks and Suttinee Yuvejwattana

March 29 (Bloomberg) — Thailand will hold a general election December 16 or 23 to restore a democratic government following a September coup, junta-installed Prime Minister Surayud Chulanont said today.

Authorities will hold a referendum on a new constitution before the end of September, Surayud said in Bangkok today after meeting with junta leader Sondhi Boonyarataklin and other ministers from the interim Cabinet.

“This is well within the timeframe that we promised earlier,” Surayud told reporters. Surayud today initially announced Dec. 22 as the alternative election date. Government spokesman Yongyuth Mayalarp said the correct date was Dec. 23. Thai elections are usually held on Sundays.

Military leaders, headed by army chief Sondhi, pledged to hold an election by October after they ousted Thaksin Shinawatra’s government Sept. 19. The interim Cabinet installed by the junta later promised the polls would be held this year.

“There will be fair supervision in every process to make sure we have a true democracy back in the country,” Sondhi said in a nationwide televised speech March 20. “Completion of the new constitution will be a good indication of our achievement.”

Thailand’s economy may grow as little as 4 percent this year from 5 percent in 2006 as terrorist attacks and political conflicts erode consumer and investor confidence. Thailand’s consumer confidence fell to a six-month low in February. Business confidence slid to a four-month low in January, extending declines from December.

Investor Confidence

Thailand’s benchmark SET Index has fallen 1.2 percent this year, compared with the MSCI AC Asia Pacific Index, which has gained 3.1 percent.

Investor confidence has also been dented by terrorist attacks that killed three people in Bangkok on New Year’s Eve and escalating violence in Muslim-dominated southern provinces that has killed about 1,900 people since January 2004.

The European Union earlier this month urged Thailand’s military-installed government to return “quickly” to democracy and follow through on their plan to hold elections in early December after meeting with Thai officials.

The Constitution Drafting Assembly is due to approve the final draft of the constitution in July, according to a schedule on the legislative group’s Web site. The published schedule plans for a September referendum.

To contact the reporters on this story: Beth Jinks in Bangkok at bjinks1@bloomberg.net ; Suttinee Yuvejwattana in Bangkok at suttinee1@bloomberg.net .

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