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Thai military declares martial law

  • Thailand's military chief General Prayuth Chan-ocha has imposed martial law as he looks to restore order following six months of sometimes violent and even deadly protests, although Chan-ocha denied that the military had carried out a coup.
  • Chan-ocha's action comes amid a period of limbo for Thailand after a court dismissed Prime Minister Yingluck Shinawatra and nine ministers earlier this month for abuse of power.
  • The turmoil in Thailand has brought the economy to the edge of recession, with GDP dropping 2.1% in Q1. Fitch's Andrew Colquhoun indicated that martial law might even be good for the economy if it averts more serious disorder and leads to the return of a fully functioning government that can pass a budget for next year.
  • Thailand's SET stock index fell 0.9%, while the USD-THB is +0.1% to 32.525 Thai baht.
  • ETF: THD
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