| I had a strong sense I had seen all this before as I flew to Bangkok this week to speak to the heads of the central bank and national airline. In the past week, two of Singapore’s biggest regional neighbors had seen a sort of historical redux play out, with familiar dynamics raising the stakes for their governments. In Indonesia, what began as a protest against their lawmakers’ generous housing allowance soon spiraled into the most violent protests the country has seen in decades. In several provinces, parliament buildings were set ablaze. Homes of key policymakers including Finance Minister Sri Mulyani Indrawati were looted as they became targets of rage. Lives were lost, among them a young motorcycle taxi driver crushed by a police armored vehicle. President Prabowo Subianto delayed a planned trip to China, appealed for calm and ordered a reversal of the lawmaker benefits. Over in Thailand, it’s been a revolving door of leadership with three PMs in two years. Paetongtarn Shinawatra’s ouster last week created the familiar uncertainty and infighting. Anutin Charnvirakul, a construction tycoon and former partner in Paetongtarn’s coalition, was elected as prime minister by the parliament on Friday. But the move may offer only a brief period of political calm as an election needs to be held within months.  Paetongtarn Shinawatra on Aug. 29. Photographer: Valeria Mongelli/Bloomberg As someone who’s covered this region for decades, it all seemed too familiar. In Indonesia the echoes of 1998 are hard to ignore—public anger with elite privilege is rising and if not properly addressed the risk of capital flight increases. For the business community that uses Singapore as a base to run their regional operations, the turmoil nearby could add complications. And they already have to navigate a fine line to cope with President Donald Trump's campaign to exact higher tariffs from those who send goods to the US. Indonesian stocks saw their steepest decline in months—falling as much as 3.6% before recovering. The rupiah tumbled, prompting Bank Indonesia to intervene to stabilize the currency and reassure investors. Leaders reacted swiftly: Coordinating Economic Minister Airlangga Hartarto reaffirmed the fundamental strength of the economy, and Sri Mulyani pledged to improve the government’s policies, a signal to investors amid unfounded rumors of her resignation that she will continue to manage the economy and back efforts by Prabowo to ease public anger. Markets calmed down, Prabowo went on his China trip, and protests have cooled for now. Thai markets, long used to political turmoil and often shrugging such things off, had shown signs of the jitters even before the latest drama. Year‑to‑date, the SET index has fallen 9.7%—with about $2.5 billion exiting Thai equities because of months of political instability. While some investors see buying opportunities in both countries’ assets amid this turmoil, others say caution is warranted. The economic chiefs are especially worried. Bank of Thailand Governor Sethaput Suthiwartnarueput told me Wednesday, the day Anutin emerged as the leading contender for the top job, there are rising economic risks tied to the country’s political impasse. The governor warned that economic growth for 2026—estimated by the BOT at around 1.7%, down from about 2% this year—could be at risk if we see budget delays as a result of the power deadlock. There's no guarantee the power struggles in Thailand will cease, if history is anything to go by. In Indonesia, Prabowo has made big moves in less than a year as president, and as the nation's record of protests show, unhappiness can take dramatic turns. —Haslinda Amin | 
