What, you haven’t been paying attention to the Thai election this weekend?Well, to get you up to speed, exit polls are showing a gigantic victory for the Pheu Thai party, a party associated with the former PM (now exiled in Dubai) Thaksin Shinawatra.
The leader of Pheu Thai? His sister, Yingluck Shinawatra, who now looks set to become the country’s first female PM.
This result has been expected for a while, much to the consternation of Bangkok’s elites, the army, and the market, which performed poorly in June. Pheu Thai is the populist party of Bangkok’s infamous “red shirts”.
Bottom line: Like in many places around the world, Thais feel much concern about the state of the economy. Inflation just hit a 32-month high there. A turn against the party of the elites is of potentially huge significance both internally, as well as externally for investors, neighbouring countries, foreign companies, etc.
Remember, last year there were huge riots in Bangkok perpetrated by Red Shirts, Pheu Thai’s people.
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