Thailand’s economy shrank more than expected in the first quarter, data showed on Monday, as exports remained weak and months of political unrest threatened to tip the economy into recession.
The state planning agency, which compiles data on gross domestic product, said there had been a 2.1 percent contraction in the January-March quarter, compared with the previous three months. The first quarter recorded a contraction of 0.6 percent from a year earlier.
The agency, the National Economic and Social Development Board, lowered its 2014 G.D.P. growth forecast to between 1.5 percent and 2.5 percent from between 3 percent to and 4 percent. The country has been governed since December by a caretaker administration with limited fiscal powers, and the crisis seems likely to continue as protest groups seek to install an unelected government.
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