GDP cut by floods: Finance Ministry
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Thailand's economy may expand 3.7 per cent this year, due to nationwide floods which damage a number of industrial plants and residences, according to the Finance Ministry.
Finance Minister Thirachai Phuvanatnaranubala said that the damage could be in the range of Bt60-Bt80 billion, which would shave off the economic growth by 0.6-0.9 percentage point.
Earlier, the University of Thai Chamber of Commerce estimated the maximum damage at Bt130 billion.
