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The agency also cut Thailand's local-currency rating by one notch from A to A-, which will end up leading to a higher cost for government borrowings.

Another victim is the Thai tourism industry. Foreign visitors are hesitant to visit Thailand after having watched footage of the Bangkok riots, which were broadcast worldwide. Several countries issued travel warnings for their citizens planning to come here. In fact, even the tourism board has conceded defeat and admitted that the number of tourists to Thailand is unlikely to reach 14 million as targeted this year.

The image of Thailand as the Land of Smiles seems to have become a thing of the past. Reports about Thailand in the international press these days make the action film "Bangkok Dangerous" pale in comparison.

Thais have nobody but themselves to blame for letting conflicts get blown out of proportion. Some protesters may claim that their violent acts were done in the name of democracy, but even the United States, the champion of democracy, could not accept the violence the rioters brought to the streets of Bangkok during Songkran.

The riots are likely to further dampen the economic prospects. Finance Minister Korn Chatikavanij conceded that the economy would probably fare worse than expected. Chances are the economy could contract by up to 5 per cent, because apart from the tourism sector being hit hard, consumers and investors are also putting off purchases and investments.

At least 2 million people are likely to lose their jobs, and the government's revenue shortfall is expected to widen, all thanks to the crisis. Deputy Finance Minister Pradit Pataraprasit says it has become evident that revenue shortfall will exceed the earlier expectation of Bt240 billion.

Prime Minister Abhisit Vejjajiva was right when he said that nobody came out a winner in this crisis, and the nation has fallen victim to compatriots who chose the path of violence instead of bridging their differences through dialogue. This has become a very expensive lesson for all sides. Sadly, it's not clear if anyone has learned any lesson from it.