BT9.6 BN FLOODS BILL
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Recent floods in the North and Northeast are expected to cause Bt9.57 billion in initial damages, shedding 0.064 per cent off Thailand's gross domestic product (GDP) growth, according to the University of the Thai Chamber of Commerce's Centre for Economic and Business Forecasting.
Thanawat Polvichai, the centre's director, said of the total estimated damages, Bt4.77 billion is expected in the agricultural sector, Bt3.43 billion to businesses and manufacturing while the balance of Bt1.37 billion represents losses in infrastructure and other assets, including roads and utilities.
The estimated damages from the recent floods will not have an impact on the Thai economic recovery in the latter half of this year, he said, adding that this year's estimate of GDP growth stays at 3.6 per cent.
After the recent floods, people have reduced their spending, affecting sales volume but not the business structure, he said.
