Thailand’s economy shrank in the first quarter of the year as the political struggle affected businesses at home and deterred foreign investors.
Gross domestic product (GDP) contracted by 2.1% in the three months to March compared with the previous quarter. On an annual basis, the Thai economy shrank by 0.6%.
A combination of falling investment, lower exports and a drop in household consumption affected the economy. The data comes less than two weeks after Thailand’s constitutional court removed Prime Minister Yingluck Shinawatra from office, along with nine Cabinet ministers.
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