Entering 2025, sentiment about Thailand was cautiously optimistic. There were promising signs of a rebound in tourism, a pick-up in the economy, and after years in exile the return of Thaksin Shinawatra appeared to have stabilised politics. Yet it’s been a rough 2025 since then, and it now promises a potentially seismic end to the year. We look at the developments, the complexities faced by business leaders, corporate affairs practitioners, and policy advisers, and how to navigate a safe path through them.