Impact of floods ‘manageable’

THE southern flooding should inflict losses of not more than Bt15 billion, not enough to derail the country’s economic growth this year, according to the Joint Standing Committee on Commerce, Industry and Banking.
“The inundation in the southern provinces should have only a passing impact on the economy. Overall, the Thai economy is expected to grow stronger from last year to 3.5-4 per cent this year,” Isara Vongkusolkit, chairman of the Thai Chamber of Commerce and of the joint standing committee, said yesterday after the monthly meeting of the committee.
Private firms in the South have told the committee that the flood has not yet damaged factories or equipment, but mainly roads and other transportation routes. 
If the water recedes soon, it should not cause a huge loss to the economy. However, timely government spending to repair roads and railways is needed to help the economy recover in the South, the committee believes.
To help flood victims in the South, the committee agreed to donate Bt1 million to the Interior Ministry. 
The Thai Bankers Association will also discuss offering support such as a stretching out of payments, or soft loans for maintenance to customers suffering from the flood.
Tourism should escape relatively unscathed as most visitor destinations have not been affected.
To ensure consumers have not been cheated by unscrupulous traders, the Commerce Ministry has sent out teams to inspect prices of goods in the southern provinces that were hit by the flooding. 
The ministry has so far not detected signs of any hoarding or price gouging. It is also cooperating with retailers and wholesalers to ensure an adequate supply of foods and necessities.
The Agriculture Ministry reported that the southern flood had affected 391,568 farmers and damaged 982,694 rai (157,231 hectares) of farmland. 
Rubber plantations have been hurt the most.
 The impaired areas account for 46 per cent or 531,876 rai of the total of 11.38 million rai planted to rubber in the South.
Of the remaining areas, 251,348 rai were for paddy fields, 21,673 rai for other crops, 44,571 rai for aquaculture and 14,878 rai for livestock.