Thai turmoil to slam economy

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Source: CCTV.com | 04-13-2009 19:02

Business leaders and officials in Thailand say the violence in Bangkok will slam the country's tourism industry. It's another blow to an economy already reeling from the global slowdown.

Business leaders and officials in Thailand say the violence in Bangkok will slam the  country's tourism industry. It's another  blow to an economy already reeling from the global slowdown.

With the capital under a state of emergency and thousands of anti-government protesters still at large, countries like Australia, France, Britain, South Korea and the US have warned its citizens in Thailand to stay indoors and have cautioned against traveling to the troubled nation.

Major shopping malls in central Bangkok were closed on Monday as soldiers at various points around the city advanced on red-shirt protesters, firing weapons into the air.

The country's tourism council said the chaos, combined with last year's airport shutdown, will likely slash tourism revenue by a third, or 5.6 billion US dollars, from last year's total as foreigners shun the country.