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Thai economy haemorrhages cash as fatal Bangkok riots deter tourism

Thailand’s deadliest political clashes in two decades are threatening to undermine tourism, which accounts for about 7 percent of the economy, according to Credit Suisse Group AG. The number of foreign tourists may drop to as few as 12.7 million from 14.1 million last year, costing the country as much as THB100 billion (USD3.1 billion) in tourism revenue, the Tourism Council of Thailand said last month.

Bangkok hotels are currently less than 30 percent full, about half the usual rate for this time of year, according to the Thai Hotels Association.