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Markets respond positively to Thailand’s New Government
Thai stocks have surged by over 100 points following the election of Paetongtarn Shinawatra as prime minister, with the index closing at 1,427.64 points
Thailand’s new Prime Minister, Paetongtarn Shinawatra, and her 35-member cabinet have been sworn in, and they are now facing economic challenges and the task of managing a political coalition after a period of turmoil. The markets have responded positively to this development.
Thailand’s new Prime Minister, Paetongtarn Shinawatra, took the oath of allegiance alongside 35 cabinet members in a ceremony led by King Maha Vajiralongkorn at the royal palace on September 6. This event marked a fresh start for the administration following a period of political turmoil that resulted in the dismissal of former premier Srettha Thavisin.
- 👑 Royal Endorsement Thailand’s King Maha Vajiralongkorn has sworn in Prime Minister Paetongtarn Shinawatra and her cabinet ministers.
- 🎉 Young Leadership At 38, Paetongtarn Shinawatra is the youngest Prime Minister in Thailand’s history, highlighting a generational shift in the country’s political landscape.
- 🔄 Government Restructuring The new government will need to prove its efficacy and stability, particularly after notable changes in cabinet positions, including the removal of key ex-military figures.
Paetongtarn Shinawatra, daughter of former leader Thaksin Shinawatra, is addressing economic challenges such as sluggish exports, high household debt, and increasing living costs. Her administration plans to introduce a digital wallet program that will allocate 10,000 baht to adults, with the goal of spurring economic growth by an ambitious 5 percent.
As the leader of a coalition government, Paetongtarn must unite various political factions while boosting investor confidence in high-tech industries. Thailand’s markets have responded positively, with the SET Index rising nearly 11 percent since her nomination, indicating hope for a stable and prosperous future.
Paetongtarn Shinawatra became Thailand’s Prime Minister after Srettha Thavisin resigned due to a Constitutional Court ruling that his appointment of a Cabinet member with a past conviction violated ethical standards. The ruling is believed to have been influenced by conservative pressure. Paetongtarn has stated her intention to focus on reviving the country’s struggling economy. However, some analysts predict she will face challenges in maintaining political stability following the recent turmoil.
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