ID :
211551
Thu, 10/06/2011 - 13:03
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http://m.oananews.org//node/211551
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UTCC lowers growth forecast as flooding hurts Thai economy

BANGKOK, October 6 (TNA) - The University of the Thai Chamber of Commerce (UTCC) has cut its forecast for Thai economic growth this year by 0.8 percent due to flooding.
Thanavath Phonvichai, director of the UTCC’s Economic and Business Forecasting Centre, said on Thursday he expected the GDP growth to be 3.6 percent this year, down from an earlier projection of 4.4 percent.
He reasoned that flooding has largely affected Thai agricultural, industrial, and trade sectors, noting that an accumulation of flood damages in the country is estimated at 104 billion baht.
The impact is most felt by the agricultural sector bearing estimated damages of some 54 billion baht, followed by the industrial sector at 20 billion baht, the trade sector at 9.8 billion baht, and the tourism sector at 5.7 billion baht as well as damage to public properties at 9 billion baht and houses at 2.2 billion baht.
Thanavath suggested the government prioritize its investment programmes, focusing on the disbursements of financial aid, rehabilitation loans via state-owned financial institutions, and water management projects via village funds. (TNA)
Thanavath Phonvichai, director of the UTCC’s Economic and Business Forecasting Centre, said on Thursday he expected the GDP growth to be 3.6 percent this year, down from an earlier projection of 4.4 percent.
He reasoned that flooding has largely affected Thai agricultural, industrial, and trade sectors, noting that an accumulation of flood damages in the country is estimated at 104 billion baht.
The impact is most felt by the agricultural sector bearing estimated damages of some 54 billion baht, followed by the industrial sector at 20 billion baht, the trade sector at 9.8 billion baht, and the tourism sector at 5.7 billion baht as well as damage to public properties at 9 billion baht and houses at 2.2 billion baht.
Thanavath suggested the government prioritize its investment programmes, focusing on the disbursements of financial aid, rehabilitation loans via state-owned financial institutions, and water management projects via village funds. (TNA)