Thai economy to grow only 3.1-3.5% this year
Thailand's economy will grow only 3.1-3.5 per cent this year, due to the floods which should cost more than Bt100 billion in damage and plunge the fourth-quarter growth rate to 0.5-1.5 per cent, according to Frost & Sullivan (Thailand).
The consulting firm earlier projected that Thailand's gross economic product would grow 4 per cent this year.
Monsinee Keeratikrainon, Country Manager, Frost & Sullivan (Thailand), estimated that the most impacted sectors would be Industrial and the effect would spread to the service sector and also SMEs.
"To minimise the damage and impact on GDP by gaining confidence from businesses and investors, the government should centralize the recovery work from all related agencies and associations while rolling out 'national recovery plan' with clear programme details, implementation plan, timeline, and support given by each party/association as well as the measurement system to make sure the plan is effectively implemented," she said.
