Thai economy contracts 2.1 percent in 1Q as political crisis takes toll on domestic demand
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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.
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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.