Thailand's Economy Turns Sour

Thailand this week delivered truly shocking GDP and current account numbers for its second quarter. Stock and currency markets tumbled as the economy contracted 0.3 percent in the second quarter over the first which also saw a contraction - though GDP is still 2 percent above the level a year ago. Worse was a current account deficit of US$5.1 billion, a dramatic turnaround for a nation which has enjoyed surpluses every year since the Asian crisis of 1998-1999.

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