Economic growth forecast cut: UTCC
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Flood damage is expected to pull down the economic growth this year by 0.5-0.7 percentage point, according to the University of Thai Chamber of Commerce's survey.
The impact would be felt largely by the agricultural and trade sectors as a vast farm area is submerged in water while transportation routes are damaged.
Thailand's gross domestic product will thus fall to 3.5-4 per cent this year, from the previous projection of 4-4.5 per cent.
Earlier, Kasikorn Research Centre estimated that farmers will lose a total of Bt20 billion as floods hit 30 provinces and swamp millions of rai of farmland.
