Political instability & populism is costing the ‘Thai economy’ dear.
What is the reason?
In 2006, then PM - Takshin Shinawatra was ousted in a military coup and has been living in exile since.
Thereafter, Takshin’s sister Yungluck Shinawatra became PM, who too was eventually ousted by a constitutional court.
A return to democratic order remains a long-standing concern.
The Shinawatras largely symbolise the simmering opposition to the entrenched influence of the military and urban elites in the nation.
How hopeful is the new Constitution?
A new constitution providing for a nominated upper house, a non-elected PM and greater powers for the Generals was recently approved.
A 2016 referendum drew a mere 61% approval even from the small 55% voter turnout, which gives it little legitimacy.
More ominously, it exposed the ethnic divisions between the Malay Muslim-concentrated provinces in the south who rejected the Constitution and the remaining majority Buddhist regions.
Given the systematic suppression of dissent human rights activists have all fallen foul of the Generals.
Any hopes for a stable democratic government will hinge on the conduct of free and fair general elections promised for 2018.
How does the economy fare?
While Yungluck is facing charges for a constitutionally non compliant ‘Paddy scheme’, the present government too was obliged to offer similar farmer schemes due to the global price scenario.
Continued protests & political turbulence has cost the economy dear.
The country’s leaders should also be concerned that deficits in democratic governance may not always go unnoticed.
Thailand could be losing out to its other ASEAN peers, which could have ramifications to both its internal & external polity.
