Flood may hurt Thailand's GDP by 0.2%

21:14, October 21, 2010      

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Widespread flood might cause 335- 670 million U.S. dollars in damage and affect the gross domestic product (GDP) growth of Thailand by 0.2 percent, an economic researcher at the University of the Thai Chamber of Commerce said on Thursday.

Thawat Ponwichai, director at the university's Economic and Business Forecasting Centre, said flooding in many provinces has been estimated to cause eight to ten billion baht (268-335 million U.S. dollars) in damage to public and state properties.

However, if including the state budget which will be disbursing for remedy and relief activities, the damage cost could have increased to ten or twenty billion baht (335-670 million U.S. dollars) and hurt the gross domestic product (GDP) by 2.0 percent, according to his assessment.

Thawat said "Flooding is a short-term problem which occurs repeatedly in the same areas, and so it does not have much great impact on the GDP."

Floodwaters in affected 21 provinces across the country have so far killed 15 local people as well as made 814,406 people suffered, Department of Disaster and Mitigation reported on Thursday.

Source: Xinhua


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