Fri Oct 28, 2016 10:32AM
People pay respects to late Thai King Bhumibol Adulyadej near the Grand Palace in Bangkok, October 28, 2016. (Photo by AFP)
People pay respects to late Thai King Bhumibol Adulyadej near the Grand Palace in Bangkok, October 28, 2016. (Photo by AFP)
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The passing away of Thailand’s king has put the country into an uncertain state. The military junta, which has been in power after a coup, has announced one year of mourning. That will affect one of the largest industries in Thailand, namely tourism.

Thailand’s economy was sluggish to begin with. Ever since the coup, retail business activity has experienced a slump, the agriculture industry has been hit with falling commodity prices, and exports, which accounts for 70% of Thailand’s GDP, has dropped five percentage points.

It is interesting to note that the Thai stock exchange actually experienced growth after the coup, for the 20th consecutive month; yet, it then abruptly slowed down. Also of note: Thailand’s unemployment rate is one of the lowest in the world, at 1%.