As for the Thai economy, it is export-dependent, with exports of goods and services equivalent to over 70% of GDP in 2008. Thailand's recovery from the 1997-1998 Asian financial crises (which brought a double-digit drop in GDP) relied largely on external demand from the United States and other foreign markets. From 2001-2006, the administration of former Prime Minister Thaksin embraced a "dual track" economic policy that combined domestic stimulus programs with Thailand's traditional promotion of open markets and foreign investment. Real GDP growth strengthened sharply from 2.2% in 2001 to 7.1% in 2003 and 6.3% in 2004. In 2005-2007, economic expansion moderated, averaging 4.5% to 5.0% real GDP growth, due to domestic political uncertainty, rising violence in Thailand's four southernmost provinces, and repercussions from the devastating Indian Ocean tsunami of 2004. Thailand's economy in 2007 relied heavily on resilient export growth (at a 17.3% annual rate), particularly in the automobile, petrochemicals, and electronics sectors. Persistent political uncertainty and the global financial crisis in 2008 weakened Thailand's economic growth by reducing domestic and international demand for both its goods and services (including tourism). Due to minimum exposure to toxic assets, Thai banks have limited direct impact from the global financial crisis. Nonetheless, Thai economic growth slowed to 2.6% in 2008, with fourth quarter growth dropping below zero. In 2009, the contraction continued. First quarter GDP was down by 7.1% year-on-year. To offset weak external demand and to shore up confidence, the Abhisit administration introduced two stimulus packages worth $43.4 billion. The government projected that the Thai economy would be down 3.5% for the year but would see positive growth of 2.5% in 2010.