Here are the key takeaways from the Thai election on May 14 which saw pro-democracy parties win a majority of lower house seats and unseat the country’s military-backed government. Click here for our TOPLive blog:
(Bloomberg) — Here are the key takeaways from the Thai election on May 14 which saw pro-democracy parties win a majority of lower house seats and unseat the country’s military-backed government. Click here for our TOPLive blog:
- With roughly 99% of votes counted, Move Forward had won the most support, followed by fellow pro-democracy party Pheu Thai. If the results hold, the two parties are projected to win about 292 seats, more than enough for a coalition majority in the 500-seat lower house
- Pheu Thai’s leader Cholnan Srikaew said the party is ready to back Move Forward’s Pita Limjaroenrat as prime minister. “We respect the voice of the Thai people. They gave the mandate to Move Forward to win the most seats,” Cholnan said. “We are willing to work with them as the pro-democracy party”
- Negotiations are still likely, and the Senate — which was appointed by the incumbent military-backed government — has a say in legislation and the next premier
- There was a record turnout, with 39 million eligible voters casting a ballot, or 75.2% of eligible citizens. Military-backed parties did relatively poorly, and analysts said the Thai people showed a desire for change
- The Thai baht rallied on the news, which came ahead of positive data showing faster-than-expected first-quarter growth, but stocks fell. Analysts said that while the vote was taken positively, investors will be cautious amid talks to form a government
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