King Bhumibol Adulyadej stands with his mother (left), princess Srinagarindra (the Princess mother), and queen Sirikit (right) in 1982. Credit: Thierry Falise/LightRocket, via Getty Images
October 13, 2016, embeds an important mark for millions of Thai people around the globe. On this day, His Majesty King Bhumibol Adulyadej has passed away. For over 70 years, he had ruled with poise and brilliance, which allowed Thailand to become what it is today. Other nations wonder why Thai people love our King so much. The answer lies deeply in the cultural roots of the Thai people; however, in short, it was due to his selfless actions and teachings that earned the love of his people.
“No matter how hard they try, people can not hold back their tears.” Credit: Wisit Thamngern
During this time of immense sadness and sorrow for the Thai people, the nation will experience an undoubtedly decrease in the economy. During the mourning period for the King’s passing, there will be a substantial decrease in the entertainment sector, because all night-life activities are to be suspended and music festivals are to be cancelled, thus decreasing tourism, which contributes to around 10% GDP of Thailand. Moreover, as stated in BBC’s article, there is an uncertainty in the succession of the throne, as the decision was released to “delay anointing the designated heir, Crown Prince Vajiralongkorn, as the next king.” The uncertainty of the situation has worried a number of investors, and has lead to a two-week low plunge in the Thai stock market, and a drop in foreign direct investments. In addition to the decline in the stock market, the Thai baht has also dropped against the dollar to the lowest since January 2016.
Amidst the political instability and widespread sorrow in Thailand, entertainment-based businesses as well as bars and restaurants, will have to cut-losses quickly because consumption in this sector will be drastically decreased due to cultural elements affecting consumer decisions. In addition, The Wall Street Journal’s post concerning Thailand’s economic growth, stated that there will be “a sharp decline in economic activity in the coming days that could set back growth this year.”
Although Thailand’s is currently in a state of social, political and economic instability, I believe that the passing of His Majesty King Bhumibol Adulyadej, is a powerful turning point in each Thai person, which will allow the Thai people to unite into a stronger nation as a whole. As a Thai, I am confident that this economic downturn is simply temporary and the economy will indefinitely bounce back and economic growth will resume.
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References
- Turner, Rochelle. Travel & Tourism, Economic Impact 2015, Thailand. PDF. London: World Travel & Tourism Council (WTTC).
- Head, Jonathan. “Thai king’s death: Who holds power now?”. BBC News. 16 October 2016.
- Plank, Willa. “ASIA MARKETS: Asian Stocks Mostly Higher; Thai Markets Bounce Back”. Dow Jones Business News. 14 October 2016.
- The Editorial Board. “The King Who Personified Thailand”. The New York Times. 14 October 2016.
- Handley, Paul. “Bhumibol, a King of the People, Leaves Them to the Generals”. The New York Times. 13 October 2016.
- Hookway, James. “Thai King’s Death Casts New Shadow Over Struggling Economy.” The Wall Street Journal. 14 October 2016.