The Bank of Thailand did not release key economic indicators as expected last week, saying the figures were delayed due to a new accounting system, but analysts don't need the bank to tell them the signs are not good.

The sudden resignation of finance minister Pridiyathorn Devakula on Wednesday and the government's apparent struggle to find a successor only deepened uncertainties about the direction of Thailand's economy five months after a bloodless coup in September.

Pridiyathorn has not been mourned by investors, who were alarmed by a series of sharp policy changes including tough capital controls and an overhaul of a law governing foreign investments.

The capital controls have largely been removed, but not before they battered the stock market and dealt a blow to investor confidence -- neither of which has fully recovered.

Sentiment sank further after Bangkok was rocked by deadly bombs on New Year's Eve, followed by warnings from the government that more attacks were possible.

Kasikorn Research Centre said those factors contributed to its estimates that economic growth this year could slip below 4.0 percent, compared to last year's 5.0 percent growth in gross domestic product (GDP).

That compared with expected growth of 7.7 percent this year in Vietnam, 5.4 percent in Malaysia and 5.9 percent in Indonesia, said Pimonwan Mahujchariyavong, the centre's head of macro-economic research, citing the latest forecasts by the International Monetary Fund (IMF).