[00:00.000]From VOA Learning English,
[00:02.560]this is the Economics Report.
[00:05.570]Economists are warning of slower growth in Thailand,
[00:10.620]southeast Asia's biggest economy.
[00:13.590]A major credit rating agency recently
[00:17.300]reported that continued political unrest in Thailand
[00:21.750]could hurt the country's economy.
[00:24.500]In its report, Fitch Ratings
[00:27.910]noted a reduction in manufacturing
[00:30.800]and sharply lower sales of goods and services.
[00:35.050]Fitch said, the trust of both Thai consumers and business
[00:41.000]is at its lowest level since the huge floods of 2011.
[00:46.760]The ruling party is seeking
[00:49.160]to break up the opposition Democrat Party.
[00:52.200]Opposition forces accused the ruling party
[00:56.470]led by Prime Minister Yingluck Shinwatra
[00:59.530]of being disloyal to the king,
[01:02.120]that is a serious accusation in Thailand.
[01:06.630]The opposition has also questioned
[01:10.470]the fairness of recent elections.
[01:13.320]Now foreign investors are getting concerned.
[01:18.330]The president of Toyota Motor Corp in Thailand
[01:22.680]has warned that long term investors
[01:26.030]may put their money in other areas,
[01:28.980]like Indonesia or Vietnam.
[01:32.220]Chris Baker is an expert on business in Thailand.
[01:37.830]He says major foreign investors
[01:41.180]are concerned about the elections.
[01:43.890]They feel the lack of a clear winner will frighten investors.
[01:49.290]He also says car makers and related businesses
[01:54.000]are concerned the government will be unable
[01:57.150]to make serious policy decisions.
[02:00.300]Thailand's government is under financial pressure
[02:05.100]to pay rice farmers more than $3 billion
[02:09.100]for rice it promised to buy at higher than market prices.
[02:14.350]Now, the government is having trouble
[02:17.910]finding the money to pay the farmers.
[02:21.630]Banks have been unwilling to loan money for the plan.
[02:26.330]Foreign investors have also been pulling back
[02:31.620]from the Thai stock market
[02:33.570]since political protests began in November.
[02:37.130]The leading measure of Thai stocks
[02:40.580]has lost 10 percent of its value since then.
[02:44.030]Andrew McBean is a partner with Grant Thornton Thailand,
[02:49.980]a business advisory service.
[02:53.240]He says the fact that the elections
[02:56.390]were largely peaceful was a hopeful sign.
[02:59.600]Still Thailand's tourist industry has been hurt
[03:04.250]by the unrest in the capital Bangkok.
[03:07.100]More than forty countries
[03:09.850]have announced travel alerts in recent weeks.
[03:12.660]And tourism officials estimated losses
[03:16.510]for the month of January alone at $685 million.
[03:22.930]The Thai economy has recovered from earlier political
[03:27.730]and economical problems,
[03:29.280]but the recent unrest may make it harder for foreigners
[03:34.130]to want to return as they have in the past.
[03:37.880]And that's the Economics Report from VOA Learning English.