Thai economy contracts 2.1 percent in Q1By AP News May 19, 2014 1:36PM UTC
BANGKOK (AP) — Thailand’s economy contracted by 2.1 percent in the first quarter, slammed by a protracted political crisis that is likely to slow growth for the rest of the year.
The National Economic and Social Development Board said Monday that consumer confidence declined as a result of political unrest, reducing domestic demand compared with the fourth quarter of last year.
Thailand has been hit by six months of anti-government protests that have shut down parts of Bangkok for weeks at a time and spawned violence in which 28 people have died and more than 800 have been injured.
Earlier this month, the crisis deepened after the Constitutional Court removed Prime Minister Yingluck Shinawatra for nepotism along with nine Cabinet members in a case that many viewed as politically motivated.