Huge economic loss expected due to "red-shirts" rally in Bangkok

20:15, April 19, 2010      

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Loss on the country's economy due to a prolonged "red-shirt" rally was estimated at 21.0-38.0 billion baht (649.76 million U.S. dollars-1.17 billion U.S. dollars), the National News Bureau of Thailand reported Monday.

The estimation was reported at a meeting of a joint committee, consisting of top brasses from the government side and private sector.

The anti-government rally has started from March 12 as the "red- shirts" are now gathering at the Rathchaprasong Intersection in Bangkok.

Moreover, if the "red-shirts" rally prolongs for three months, the economic loss is projected to rise to 70 billion baht (2.16 billion U.S. dollars) to 100 billion baht (3.09 billion U.S. dollars).

The "red-shirt" rally, especially the clashes between protestors and soldiers on April 10 have given the country's tourism sector a heavy blow.

It is projected for the whole 2010, there will be totally 12-13 million tourists' arrival, lower than the previous target of 15.5 million tourists.

Meanwhile, Thai News Agency reported if the "red-shirts" rally lasts for three months, it might cause to a 0.3-0.5 percent reduction on the country's gross domestic product (GDP).

The "red-shirts" core leaders and their supporters are now gathering at the Rathchaprasong Intersection as they have demanded Prime Minister Abhisit Vejjajiva to " immediately" dissolve the lower House of parliament and hold a new general election.

The "red-shirts" have insisted that, apart from the House dissolution, there is no other solution to the country's on-going political conflict.

However, the private sector has opposed the early House dissolution since it will negatively affect continuity of the government's economic stimulus measures.

Source: Xinhua


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