Thailand is in deep mourning as the passing of King Bhumibol Adulyadej ends a glorious reign of 70 years during which Thailand fended off immense external threats and internal instability, while transforming itself from a poor agrarian country into a middle-income Asian tiger. There is little question that the king’s long years of devotion to his people elicited an extraordinary level of public adulation. Consequently, his departure from the scene is bound to cast a pall of uncertainty and sadness over the Thai economy. Even before the announcement of his death, the Bank of Thailand had warned that the economy would slow in 3Q while the Purchasing Managers’ Index for September showed clear signs of deceleration, including a sharp drop in new business orders.

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