Political instability in Thailand has dented the economy, but the risk of contagion to the rest of the region should be minimal with some countries even standing to benefit, analysts told CNBC.
Last week, Thailand's army chief General Prayuth Chan-ocha declared the military had seized power in a coup, following more than seven months of political protests and two days of martial law. Thailand's economy escaped previous bouts of turmoil relatively unscathed, but this time first quarter gross domestic product contracted a much-larger-than-expected 2.1 percent on quarter, prompting many economists to cut their 2014 growth forecasts.
Thailand's equity market has held up well, however. While stocks fell nearly 19 percent from late October (when protests started) to early January, they have since recovered 15 percent.
"The negative economic impact of Thailand's political crisis should stay contained within the country," said Krystal Tan, Asia economist at Capital Economics.
"Investors recognize that Thailand's political instability is an isolated case and that most countries in the region have robust external finances, which should further limit the risk of contagion," she added.
While foreign capital has been flowing out of Thailand since November, flows into its ASEAN peers have remained positive, said Tan.
"Similarly, Emerging Asia's average stock market performance has been better than other emerging regions since November, even as Thailand's equity market struggled," she added.
But other analysts told CNBC that Southeast Asian economies could take a hit from Thailand's crisis.