Thailand political drama raises stakes – Reuters

SINGAPORE, July 20 (Reuters Breakingviews) – Investors in Thailand have long been used to the twists and turns in the country’s politics, but a court decision on Wednesday to suspend the leader of the election-winning Move Forward Party as a lawmaker has raised the stakes.

Supporters of Pita Limjaroenrat are protesting that the liberal and aggressive would-be reformer of the $500 billion underperforming economy is now unlikely to become prime minister. Local stocks remain the worst performers in Asia, but they have trimmed losses, somewhat cheering the stumble of a man who wanted to break tycoon monopolies and spark reform; Thailand Main Benchmark SET Index (.SETI)led by stocks like power producer Gulf Energy (GULF.BK) they are up 3% since July 13, when Pita was initially blocked from the top post by the military-appointed Senate. However, it is not a good result.

The protests will deter urgently needed tourists to shore up a post-pandemic recovery, and any political commitment will overlook the urgent need for shakeup; the Asian Development Bank forecasts growth of just 3.7% next year, about half the rate Thailand needs to join the high-income club. It’s a double whammy. (By Anshuman Dagger)

Continue @Breakingviews On twitter

(Author is a Reuters Breakingviews columnist. Opinions expressed are their own. Refile to correct coding.)

Equity Calls: More Concise Information on Global Finance:

Netflix’s Cash Gun Begins to Buzz read more

Gucci’s next CEO may have the toughest job in luxury read more

Investors in memes could spoil AMC’s next act read more

Xavier Niel’s GAM raid seems less quixotic read more

Commonwealth Games hit a financial wall read more

Edited by Una Galani and Thomas Shum

Our standards: The Thomson Reuters Trust Principles.

The opinions expressed are those of the author. They do not reflect the views of Reuters News, which, according to the Trust Principles, is committed to integrity, independence and non-bias.

Source link

Raven Asher

Hey there, I'm Raven Asher, a writer and blogger currently studying at McMaster University. My passion lies in arts and culture, and I love exploring and sharing my thoughts on different aspects of this field through my writing. I've been fortunate enough to have my articles featured on several blogs and news websites, which has allowed me to connect with readers from all over the world. Apart from writing, I'm also an avid traveler, and I love experiencing different cultures and learning new things. Join me on my journey as I explore the world and share my insights on everything art and culture!

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button