ID :
174122
Fri, 04/08/2011 - 14:25
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http://m.oananews.org//node/174122
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Thailand's southern floods cause more damage than expected
BANGKOK, April 8 (TNA) - University of the Thai Chamber of Commerce’s updated estimation for flood damage in Thailand's southern region has exceeded public expectations.
Vachira Khuntaweethep, a professor of the university's Economic and Business Forecasting Centre, said that the severe floods in the Thai South over the past three weeks would slow down the country's second-quarter gross domestic product (GDP) by 0.1-1 per cent and the annual GDP by 0.24 per cent.
Vachira projected that the overall flood damage was expected to be as high as 21.8-26.5 billion baht, as the flood damage to the local agricultural sector alone was estimated at 10-12 billion baht.
According to the centre, over 1,500 shrimp farms in the Thai South have been destroyed by the floods; so, Thailand is likely to experience a shortage of shrimps from the South for five months. Moreover, transport costs originating from the Thai South should also rise by 30 per cent due to highway infrastructure damage.
Professor Vachira cautioned that the overall flood damage would slow down the annual GDP of Thailand's southern region by as much as 45 per cent, exceeding public expectations, with hardest-hit provinces including Surat Thani, Nakornsri Thammaraj, and Krabi.
Meanwhile, Thailand's consumer price index (CPI), a main gauge of inflation, fell to 79.8 last month, compared to 80.9 in February, due to uncertainties of the domestic political situation, rising world oil prices and natural disasters--which have all raised the costs of living and reduced consumer confidence, resulting in a drop in public spending on new cars, houses and vacation. (TNA)
Vachira Khuntaweethep, a professor of the university's Economic and Business Forecasting Centre, said that the severe floods in the Thai South over the past three weeks would slow down the country's second-quarter gross domestic product (GDP) by 0.1-1 per cent and the annual GDP by 0.24 per cent.
Vachira projected that the overall flood damage was expected to be as high as 21.8-26.5 billion baht, as the flood damage to the local agricultural sector alone was estimated at 10-12 billion baht.
According to the centre, over 1,500 shrimp farms in the Thai South have been destroyed by the floods; so, Thailand is likely to experience a shortage of shrimps from the South for five months. Moreover, transport costs originating from the Thai South should also rise by 30 per cent due to highway infrastructure damage.
Professor Vachira cautioned that the overall flood damage would slow down the annual GDP of Thailand's southern region by as much as 45 per cent, exceeding public expectations, with hardest-hit provinces including Surat Thani, Nakornsri Thammaraj, and Krabi.
Meanwhile, Thailand's consumer price index (CPI), a main gauge of inflation, fell to 79.8 last month, compared to 80.9 in February, due to uncertainties of the domestic political situation, rising world oil prices and natural disasters--which have all raised the costs of living and reduced consumer confidence, resulting in a drop in public spending on new cars, houses and vacation. (TNA)
