Thailand was back to work as normal today, less than 36 hours after a military coup condemned by international leaders but endorsed by the royal palace and greeted by many Thais with relief.
The military shut down the city yesterday, in the interests of maintaining calm, they said. But Bangkok traffic was back to the familiar near-gridlock, while coup leaders worked on fulfilling a promise of a civilian prime minister in two weeks.
Military leaders said that the 'worsening situation' in Thailand was the main reason to launch Tuesday's coup agaist Prime Minister Thaksin Shinawatra.
Fears for the Thai economy eased as calm prevailed and coup leaders set out the timetable for return to civilian rule, although Morgan Stanley cut its annual economic growth forecast for the second half of the year to 2.4% from 3.5%.
Thai stocks dropped nearly 4% on re-opening today but within minutes recovered to less than 2% lower than Tuesday's close. The drop was not as precipitous as feared in the immediate aftermath of the coup, when credit ratings firms had warned of possible downgrades.
Moody's Investor Service reaffirmed Thailand's ratings and stable outlook today and the Thai baht was steady in early trade after shedding nearly 2% on Tuesday.
The coup leaders said they would craft within a year a constitution to repair flaws Thaksin was accused of exploiting to wield near dictatorial powers, then hold an election.
Tuesday's putsch was Thailand's first coup in 15 years but its 18th since it became a constitutional monarchy in 1932.
The military said it was forced to act because there was no other way out of a protracted political crisis that pitted Thaksin against the old guard and street campaigners accusing him of subverting democracy for his family and friends in business.
Not a shot was fired and many Thais seemed to welcome the coup, as long as it stayed peaceful.
