3-7-2023 (BANGKOK) Thailand’s parliament is set to convene for the first time since the May election, marking the beginning of the government formation process by a coalition of pro-democracy parties seeking to end almost a decade of military-backed and pro-royalist rule.
The newly elected members of the 500-member House of Representatives will gather at the parliament in Bangkok on Monday (July 3) at 5pm. The gathering will be addressed by King Maha Vajiralongkorn and attended by members of the military-appointed Senate and other dignitaries, according to officials.
On July 4, the lower chamber is scheduled to elect the Speaker and two deputies. Pita Limjaroenrat, leader of the Move Forward party, stated on Sunday that his party will reach an agreement on the House leadership with Pheu Thai before the vote. Pheu Thai, a party linked to Thaksin Shinawatra, has publicly expressed its aspiration for the Speaker post.
The Speaker will then set the date for the prime minister election. This appointment is expected to break the deadlock in Thailand’s government formation process, which has unsettled markets and led foreign funds to sell off the nation’s stocks and bonds since the May 14 polls.
Once the date is set, a joint vote by the pro-democracy-controlled House and the 250 senators appointed by the military will be a decisive moment for Harvard-educated Pita, whose bid for the top job remains uncertain.
Although Pita’s coalition has the support of approximately 312 lawmakers, it falls short of the 376 votes needed for his victory in a joint sitting.
While Pita and his party express confidence in winning the premier vote, the support of the upper chamber remains in doubt as most of the senators oppose his bid. He has stuck to a campaign pledge to seek amendments to Article 112 of the criminal code, which punishes criticism of the king and other top royals with up to 15 years in prison. Additionally, the 42-year-old Pita is currently under investigation by the election body, which may lead to his disqualification.
Thailand’s benchmark stock index has been the worst performer in Asia this year, with foreign investors selling off a net $3.1 billion since the end of 2022, the highest among Asia’s emerging markets. The Thai baht is the second-biggest loser in Southeast Asia since the May vote.
Most businesses have temporarily halted new investment decisions, awaiting clearer directions from the new government, while weak exports continue to pose challenges, according to Kriengkrai Thiennukul, chairman of the Federation of Thai Industries, who made the statement last month.
The May polls marked a defeat for the military-backed pro-royalist establishment in a country that has witnessed numerous successful coups since 1932, when a revolution ended centuries of absolute monarchy. Prayut Chan-O-Cha, a former military chief, has governed Southeast Asia’s second-largest economy since seizing power in a coup in 2014.
