Floods to eat GDP by 1-1.3ppt
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Total damage from the recent floods is estimated at Bt130.1 billion, according to the University of Thai Chamber of Commerce.
The university’s economic centre, at a press conference today, estimated that the damage will shave the Kingdom’s economic growth forecast by 1-1.3 percentage points.
This year's gross domestic product will then fall to 3.6 per cent. The centre however forecasts a 4.3 per cent growth rate for next year.
The farm sector will be hit the hardest by the floods, with estimated damage of Bt67.76 billion. That’s followed by the industrial sector with losses of Bt21.7 billion and the trade sector with losses of Bt16.88 billion.
