 Economy
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23 Feb 09 13:50
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Thailand's economy down 4.3 % in 4th quarter
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Thailand's economy shrank 4.3% from a year earlier in the 4th quarter of 2008 due to a downturn in exports and tourism, the government said.
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Managing Director
Visit Falcon Hill, Hua-Hin
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Thailand's economy shrank 4.3% from a year earlier in the 4th quarter of 2008 due to a downturn in exports and tourism, the government said.
The National Economic & Social Development Board (NESD) said Monday that the economy dropped more than expected due to the global economic downturn, which affected exports, and political unrest which hit tourism in the kingdom.
Thailand's economy grew 2.6% in 2008, the agency said.
The Thai economy, the second largest in Southeast Asia, may shrink as much as 1% in 2009, according to NESD. It's earlier forecast growth was a high 4% for 2009.
Prime Minister Abhisit Vejjajiva has recently guaranteed cash handouts to the poor and long-term mega projects to stimulate the economy.
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