By Mike Bird Close Mike Bird Oct. 21, 2020 2:57 am ET The protests currently rocking Thailand have reached the country’s financial markets. The tourism-dependent economy was already more severely affected than most by the pandemic, and there is little reason to be optimistic about a rapid improvement.
Some antigovernment protesters have focused on the wealth of King Maha Vajiralongkorn, which includes significant shares in large companies like Siam Cement Group and Siam Commercial Bank. The assets of the Crown Property Bureau were transferred to the personal ownership of the king in 2018 after a change in the law.
Thailand’s growth, like other countries in the region, has been quietly rapid by international terms in recent decades. GDP per capita rose by 85% in the 10 years up to the end of 2019, and slightly over 500% in the last 30 years. Thai growth has overtaken that of other emerging economies like Mexico, Brazil and South Africa.
Without overinterpreting the underlying causes of political unrest, it’s reasonable to say as with most cases of widespread discord, that it doesn’t help when the fruits of growth are unevenly shared.
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