Thousands of anti-government protesters are continuing to rally in Bangkok in an effort to bring the government to a standstill.

The demonstrations are entering their fifth day, the latest strategy in the eighth year of political disruption in Thailand.

So far the government continues to function by using buildings on the outskirts of the capital, but business operators in the city are less fortunate.

Despite the festive tone of the demonstrations, their economic implications are serious.

"I think its much bigger than the government says," observed Peter Warr, the John Crawford Professor of agricultural economics at the ANU.

He was in Bangkok a few weeks ago and says tourist numbers appeared to be much lower than normal.

That impact will be felt in falling economic growth.

"I expect the growth rate to be no more than 3 per cent for 2014, less than half of what it would otherwise have been," Professor Warr added.

It is the high season for Thailand's all important tourism industry.

Last year Thailand hosted 27 million visitors.

"Because of the publicity I think, so far, we've lost about 50 per cent of our business, and this is supposed to be our high season," said Chanin Donavanik, the Bangkok CEO of the Hotel chain Dusit International.

"We are not sure if this continues for a few more days or a few more weeks we may lose more business. So we are very concerned."

The Tourism Authority of Thailand has a different message.

The daily updates on its website alert tourists about potential road blockages, but say Bangkok remains open for business as usual.

It quotes surveys in the US and the UK which estimate 1 to 2 per cent of travellers have changed their plans, possibly choosing a Thai beach holiday rather than going to Bangkok.

Thailand has now faced more than 70 days of protests culminating in this week's attempts to shut down Bangkok.

Veronique Salz-Lozac'h, Bangkok-based chief economist with the Asia Foundation, is both optimistic and worried.

"Because I think, considering the long lasting level of this unrest, I think actually the impact on the economy has not been a disaster, you know you could have expected something much more difficult for businesses," she said.

"Unfortunately if it lasts too long of course it will have some really negative impacts."

Some people are making money out of the demonstrations - souvenir sellers are doing a roaring trade to the demonstrators themselves.

Also doing well are mobile phone companies, fast food sellers and home delivery services to people staying off the streets.

On the negative side, farmers unable to bring produce to the city are selling at regional centres at lower prices, the stock market fell almost 10 per cent over the first two days, and car sales and consumer confidence are down.

Veronique Salz-Lozac'h says local capital spending is on hold while foreign investors will start looking elsewhere if the uncertainty continues.

"If they're looking more at the ASEAN region itself they may be looking at other locations that seem a bit more stable," she added.

There is no way yet to quantify the economic impact.

Battle for business, not democracy

However, Professor Warr says while both sides to the crisis claim to be fighting for democracy, the real struggle is a business one between the old and the new corporate elites.

"A business struggle between the Thaksin Shinawatra owned group of companies and those that are aligned to them in business terms who have an interest in using the power of the state for their own business benefit, against the people who are their competitors in business and who stand to lose greatly by the willingness of the Shinawatra clan to use the power of the government to favour their own business interests," he said.

"Now what the elite business group really hate about Thaksin Shinawatra and his business group is they are unrestrained in their use of the power of the state for their own benefit - there's no limit to their greed, and they are willing to shut out their opponents completely.

"This is very un-Thai because it promotes conflict and promotes the type of conflict we have now."

With the February 2 election all but certain to be won by the Prime Minister's Pheu Thai Party, there is no resolution in sight to Thailand's troubles.

So far in this round both sides have largely avoided violence. The big question is how long they will continue to do so and whether the military can maintain its non-involvement.